how to Select prior-year entry field to yes and to emptying inventory acct interim

Business Central/NAV User Forum
1

Dear All,
I am currently facing problem relate to close year in the accounting period.
After I post closing income statement, I still see that net change of total
liabilities and capital value still exist and it is as same as the retained
earning value, both are in the balance sheet. But my income statement has been empty.
My questions are as follows:

  1. The entries Prior-Year Entry field before posting close income statement are not yes
    Could you let me know how to set it to be yes? because I read in finacial mgt manual
    and it explained that it must be yes on the other hand, system-create entry is yes
    (it is in the page 5-29 to 5-30 of financial mgt 3.7 manual file)
  2. I also still have interim account net change value, although I have post conducted
    post inventory cost to G/L and adjust cost item entries batch job, and pls
    let me know if it is so or it must be zero.

I appreciate your answer so much. tku

Rgds,
Andreas

2

Hi Andreas

The routine will close down the balances for all income statement accounts. What are you actually truning to do? If they are not yes then they are not classified as prior year, the year you are trying to close, the manaul is processing a journal back into a closed year so therefore it is a prior year entry. If you post a journal back into a closed year the setting will be the same. Is the interim account in the year you have closed? Is it an income statement account? Did you post to it after the closed year?

3

Dear Steven,

Tku for answer. Your questions : 1. Is the interim account in the year you have closed? 2. Is it an income statement account? 3. Did you post to it after the closed year? Ans. 1. Not yet because it is not empty although I have run post inventory cost to G/L. 2. No, there is anotyher different g/l account no. for income statement acct. 3. yes.

Rgds,

Andreas

4

Hi

If your answers to 1 and 3 are correct you have posted an entry in the current year and you want to set this to be in the year already closed??? Essentially if you have posted it current the prior year entry will be No and you cannot set this to yes.

For 2 I meant is it an income statement or balance sheet account, but it does not matter, you cannot set something to prior year “yes” when it is in the current year which is what you have described.

5

Hi

Tks a lot for your reply and answer, I am currentyl preparing it. I mean we want to close income statement and acctg period after the datas gathered completely and manual calculation = system calculation.

Rgds,