“Edara” allows you to automatically create a closing entry for the current or any previous financial year, enabling you to close expenses and revenues in the designated account.
This article outlines the necessary steps.
Creating a Closing Entry for the Financial Year
Note: Ensure the following:
There is an account of type "Retained Earnings," or define the account type if not specified.
Post all transactions from the Posting page in the Accounts module up to the date for which the closing entry is to be created.
And the steps to Create a Closing Entry are:
Go to the Accounting module.
Select “Horizontal FS” Report.
Specify the closing account, such as “Retained Earnings”.
Note: Avoid filtering by cost centers or their levels.
Set the closing period date in the “To Date” field.
Enable the “Include closing JE” option.
Ensure that “Consider replacement orders” is not enabled.
Click “Generate”.
Click the “+” icon.
Select “Closing JE”.
Confirm the action when prompted.
If you encounter any challenges or have any questions during these processes, you can contact our technical support team, which is ready to assist you.