How do I manage the year end closing on Posibolt

How to manage Year end closing on Posibolt.


Prerequisites

  1. Confirm that account posting has been fully done.                                                                                                                                                                                                                          
  2. Confirm that allocations are proper.
  3. Confirm that clearing accounts are zero.
  4. Confirm that all the reconciliations are donea

By default, there is an account “Profit/Loss Transfer Account” meant for closing year-end profit or loss to the balance sheet. We can use this account directly to Debit[If the year-end effect is Profit] or Credit[If the year-end effect is Loss] against Retained Earnings A/Cby using GL Journal[Accounting->GL Journal].



Journal entry: 




Posibolt GL Journal Entry:




Profit/Loss Account after year-end closing




Situation 2: Net Loss During year end period = 7.000



Journal entry: 



Posibolt GL Journal Entry:




Profit/Loss Account after year end closing:


Maintain Ledger