Closing a fiscal year...

In System and GL Setup, Setup tab, you should choose a Retained Earnings Account and a Profit and Loss Year Account. You should create such an account last in your expense accounts. After closing the fiscal year, this account will hold the fiscal year profit.

Are you sure that this information in System and General GL Setup is saved ok? It might just show the first account in the account list without have been saved.

The error message just indicate that.

/Joe

Hello Gaston.
If you havent done it, then create an Account for Profit and Loss Year somewhere last in the Expense group accounts.
Select this default account in the System and General GL Setup for the Profit/Loss Year. Also ensure that you have selected a correct account for the Retained Earnings. Then Update the info.
Now, make a backup of the company, so you can restore if anything goes wrong.
Go into Fiscal Years and close the year.
You should now have successfully closed the fiscal year.

/Joe
BTW. Read more about this in the fawiki.

Hello.
Ok.
The Retained earnings account accumulates every years profit/losses. The Profit/Loss Year takes the years profit/Loss and put it here.
Let us say you have a profit during the year of $1000.
When you close the year the $1000 i credited the Retained earnings and the $1000 is debited the Profit/Loss Year. This is done automatically during closing by the last day of the fiscal year.
This is a common way of closing a fiscal year.
Also this way you can take profit/Loss statements for dimension during several years, because you still have the transaction values for Expense/Profit intact for the closed year.

/Joe

Dear Sir

After closing fiscal year let say 31 Dec 2010. The i open for new fiscal year from 1 Jan 2011 till 31 Dec 2011. Later come to audit adjustment on april 2011. How to put the audit adjustment for fiscal ended 31 Dec 2010 and roll back the adjustment to opening balance as at 1 Jan 2011

We have probably quite weird system of transferring profit/loss in Slovenia. There is a different account for profit and a different account for loss (for both a closing year and a new fiscal year). Can this anyhow be handled in an automatic way? As it is now, I guess not.

So, where should I start to work on the code (to check if we have a profit or a loss, and based on that use one or another pair of accounts - which obviously have to be specified both in an admin screen...).

What I would like to do is:
- add 2 fields in the setup screen ("loss account" and "transferred loss account", for example)
- if both accounts above are defined, and we calculate a current fiscal year loss, we use those 2 fields instead (otherwise, we do the default)

Or, would it be too much to ask developers to add this (with a setting in config file, where I have to explicitely enable those 2 fields being displayed - not to bother the whole world with this by default...)?  ;-)

Joe

"This is done automatically..."- What happens when someone re-opens a fiscal year ? Will the reverse actions be done automatically ?

Gaston