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Fiscal Year end - Procedure

  • 28 September 2022
  • 4 replies
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Hi,

Could you please anyone share a document, guide line about the fiscal year end closure procedure (Transferring P&L accounts to retained earnings using 13th period)

 

Thanks,

Dulanjana 

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Best answer by Kandy Beatty 28 September 2022, 15:46

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Hi @dhananjaya

Please review the below articles

 https://www.dynamictechservices.com/acumatica-period-and-year-end-closing-procedure/

https://www.crestwood.com/wp-content/uploads/2017/02/Closing-Financial-Periods-in-Acumatica.pdf

https://www.strategiesgroup.com/wp-content/uploads/2018/12/2018-Acumatica-Year-End-Closing-Procedures.pdf

https://nextec-wpengine.netdna-ssl.com/wp-content/uploads/2018/12/NexTec-How-to-Guide-Acumatica-Period-Closing-Processes.pdfThanks

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Good morning,

In Acumatica, the system itself will automatically transfer the balances in the P & L accounts to Retained Earnings when the final period of the year is closed.  You will see no actual transactions that zero out the income and expenses; you will see no transaction that updates the Year to Date/Current Earnings (if you are using YTD Net Income Account); you will see no direct entry to Retained Earnings.

You WILL see balances in P & L accounts in the final period of the year, that ‘magically’ become a zero balance at the beginning of the first period in the next year.  You will see a Retained Earnings account whose ending Balance a the end of this year is different from its beginning balance for next year.

If a transaction is missed and must be entered to the prior year, Acumatica will handle the transaction correctly, updating last year and rolling the changes forward to all periods of this year.

It’s so easy! I hope this information helps you.  I have attached a document that I wrote that contains further explanation of Acumatica period closing processes.

Userlevel 7
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Hi @dsenevirathne54 

@manikantad18 Shared the link but here is an actual document that I know is very helpful with screen shots and its includes the 13th period:

 

Userlevel 4
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Hi @manikantad18 , @laura01 , @kbeatty21 

Thank you for your support in this. Highly appreciate and all the comments and docs shared are much valuable. 

 

Thank you,

Dulanjana 

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