Year-End Closing - Documentation Acosys

Used By

accounting or finance staff

Data Type

transaction

Search Keys

Retained earnings account, Account Name

When to Use This Form

When the company closes an accounting period, usually at the end of the financial year.
When the current period's profit or loss balance needs to be transferred to the retained earnings account.
When the financial reports of that period have been fully reviewed by finance.

Before You Start

Make sure all transactions and adjusting journals of that period have been posted.
Make sure the selected retained earnings account is correct and still active.
Prepare the end-of-period profit and loss statement and balance sheet as review material.
Coordinate this process with the person in charge of finance because it directly affects the financial reports.

Workflow

Open Finance / Journals & Period / Year-End Closing.
Select the division, enter the invoice, date, and time of the closing process.
Select the retained earnings account that will receive the current period's profit or loss.
Use Auto Fill if available, then re-check the Journal Entry lines that are created.
Save only after the journal amounts and target account match the final reports.

Key Fields

Field	Explanation for Users	Status
Division `division`	Division indicates the business unit whose books are being closed.	Required
Invoice `jtid`	Invoice is the document number of the closing process.	Required
Date `jtdate`	Date shows the period in which the closing is recorded.	Required
Time `jttime`	Time helps distinguish closing processes made on the same date.	Required
Retained earnings account `accountid`	Retained earnings account is the target account for transferring the current period's profit or loss.	Required
Account Name `accountname`	Account Name helps make sure the selected retained earnings account is the right one.	Optional
Journal Entry `journaltrans`	Journal Entry contains the closing journal that must be checked before the process is saved.	Required
Last Modified `updatetimestamp`	Last Modified is audit information filled in automatically by the application.	Optional

Details and Relations

Journal Entry contains the closing journal lines. Check the account and amount of every line because the effect goes into the next period's financial reports.

What Happens After Saving

The closing journal is saved as the basis for the end-of-period balance changes.
The retained earnings account becomes the reference for carrying the current period's result into the next period.
If the account or journal amounts are not valid, the application rejects the save and shows a validation message.
Mistakes in this process need careful correction because they affect the financial reports.

Common Problems

Closing cannot be saved: check the division, invoice, date, retained earnings account, and journal lines.
Journal amount does not match the final reports: repeat the review of the profit and loss and the adjusting journals of that period.
Wrong target account: re-check the code and name of the retained earnings account before saving.
Financial reports are wrong after closing: trace the closing journal and the period processed.

Available Fields

The following list summarizes the fields available on the form. Rarely used fields are still listed so they are easy to look up during training or support.

Field	Explanation for Users	Status
Division `division`	Division indicates the business unit whose books are being closed.	Required
Invoice `jtid`	Invoice is the document number of the closing process.	Required
Date `jtdate`	Date shows the period in which the closing is recorded.	Required
Time `jttime`	Time helps distinguish closing processes made on the same date.	Required
Note `memo`	Note is used for additional remarks so the reason for the entry or data change is easy to understand.	Optional
Change Note `memoedit`	Change Note is used for additional remarks so the reason for the entry or data change is easy to understand.	Optional
Retained earnings account `accountid`	Retained earnings account is the target account for the current period's profit or loss.	Required
Account Name `accountname`	Account Name helps make sure the selected retained earnings account is the right one.	Optional
Journal Amount `journalvalue`	Journal Amount shows the total amount of the closing journal to be saved.	Optional
Auto Fill `btnautofill`	Auto Fill helps build the closing journal based on the data already available.	Optional
Journal Entry `journaltrans`	Journal Entry contains the closing journal that must be checked before saving.	Required
Created By `usercreate`	Created By is audit information filled in automatically by the application.	Optional
Modified By `useredit`	Modified By is audit information filled in automatically by the application.	Optional
Last Modified `updatetimestamp`	Last Modified is audit information filled in automatically by the application.	Optional

User Checklist

The reports of the period to be closed have been fully reviewed. Division, invoice, date, and retained earnings account are correct. The closing journal has been checked line by line. Finance understands the effect of the closing on the next period's reports.

Menu Location

Finance / Journals & Period / Year-End Closing
/form/closingbook

Quick Add from the Search Field

If the icon + appears next to a search field, you can complete the closing accounts directly from this form without stopping the closing setup.

Account

Available on closing account fields such as the counter account or the account receiving the closing result. If the required account does not exist in the COA yet, click + to create it, then continue the same closing book setup.