The mandatory "Income Summary" account is populated by default as part of the general ledger configuration. That account is obviously part of the organization's chart of accounts.
If an accounting csv or reference data is not selected while running the Initial Client Setup process or the Initial Organization Setup process, this mandatory account needs to be manually entered here once the account tree and therefore the corresponding income summary (or net income) sub-account has been created.
The Income Summary account is used by the Close Year process as the P&L closing entry resets all revenue and expense account type and post the difference in this account.
This tab also contains a set of "Suspense" accounts which needs to be created under a specific account tree branch as explained in the Account Tree creation article.
Those accounts can also be provided by the accounting files, in fact the Generic CoA provides these accounts.
The Suspense Balancing account is shown if the check-box "Suspense Balancing Use" is selected. This account is used in those cases where an accounting entry can not be balanced while being posted. If there is no account in this field Openbravo shows an error.
The Suspense Error account is shown if the check-box "Suspense Error Use" is selected. This account is used in those cases where an exception or error happens preventing an accounting entry to be posted. If there is no account in this field Openbravo will shown an error.
Other accounts are:
- The Retained Earning account if any automatically gets the P&L closing balance of a given year. If there is no account in this field nothing will be automatically moved from the Income Summary account to the Retained Earning account.
- The Currency Balance account is shown if the check-box "Currency Balance Use" is selected. This account is used in those cases where there are currency rounding differences while posting a transaction. For instance, it could happen that the total invoice exchanged into a given currency do not 100% match to the sum of each invoice line exchanged into the same currency.
Finally, the Reverse Permanent Account Balances check-box allows to include or not an entry to reverse the balance sheet accounts balances during the end year closing process.