What is Income Statement Closing?
It is the process of passing entries to retained earning account from Profit and Loss accounts. Retained earning is the balance sheet account. Whatever company earns in accounting period that is transferred to the balance sheet at the end of the accounting period making the Profit and Loss account zero.
Let us see the simple format of Profit and Loss account.
In our scenario Income statement is already closed but by mistake users has passed the entries in closed period. We would be closing the income statement second time. In Navision/Business Central income statement can be closed second time if the entries are passed in closed period.
Pass Entry in Closed period
Close the Income Statement second time for the Year 2007
Run the Closing income statement batch Job
Post the Entry for the income statement which is created in general journal with document no. Closing 2nd 2007
Conclusion:- Income Statement in Navision/Business Central can be closed second time for the same period too.
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It is the process of passing entries to retained earning account from Profit and Loss accounts. Retained earning is the balance sheet account. Whatever company earns in accounting period that is transferred to the balance sheet at the end of the accounting period making the Profit and Loss account zero.
Let us see the simple format of Profit and Loss account.
In our scenario Income statement is already closed but by mistake users has passed the entries in closed period. We would be closing the income statement second time. In Navision/Business Central income statement can be closed second time if the entries are passed in closed period.
Pass Entry in Closed period
Close the Income Statement second time for the Year 2007
Run the Closing income statement batch Job
Post the Entry for the income statement which is created in general journal with document no. Closing 2nd 2007
Conclusion:- Income Statement in Navision/Business Central can be closed second time for the same period too.
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Subscribe the blog to get the notification to your email. To subscribe then enter your email ID in the Top right of the page.
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