• From: USA, Raleigh, North Carolina
  • Registered: 01/07/2021
  • Posts: 69

Topic: CLOSING YEAR-END ISSUES

Perhaps there is a user error.  Perhaps.  But after working with FA for some time, it does not apparently know how to close G/L entries.  This is rather easy to do manually with an adjusting journal entry, but I'm wondering what the trick is to get it to work.  Again, new users would be baffled by this.  Can anyone explain?  I left an example [picture] here --->  https://imgflip.com/i/797pxb

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  • dz
  • Senior Member
  • Offline
  • From: Pakistan
  • Registered: 10/07/2019
  • Posts: 50

Re: CLOSING YEAR-END ISSUES

Closing period (at a certain date) and closing a whole fiscal year are both different in FA. The screenshot you shared is for closing a period (which can not necessarily be a FY). Closing fiscal year auto calculates the profit and posts it in the equity and also posts a JV

Profit and loss DR
Retained Earning/Equity CR

While on the other side closing the period only locks entries at and before the given date.

If you are looking for the FY closure
1. please goto to Setup->Fiscal year
2. Click on the edit button of the fiscal year you cant to close
3. Set Is Closed: as YES
4. and Upodate

this will close the fiscal year and post the JV aswell