ManualDoc:T6A77F910DAF24EA8BE7FF3F5084FED67
In the Accounting Tab of the End Year Close Window, all the Accounting entries generated when a Year is Closed or when it is Opened are shown, grouped by Account. This Account entries can be:
- Opening Entries
- Income Statements
- Closing Entries
- Regular Entires
- Divide Up
This way is easier to review the Accounting entries made in the Closing Year Process.
As shown in the image above, the main fields in this Window are:
- General Ledger.
- Type. It can be an Opening Entry, Closing Entry, Income Statement, Regular Entry or Divide Up.
- Account. Notice that the account entries are grouped by Account, showing only one record.
- Debit.
- Credit.
For explaining this Tab, it is better to follow the same example as in the Introduction section and show how this Tab presents the results.
Reverse Permanent Account Balances set to "Yes"
Openbravo creates below "closing entries" if the "Reverse Permanent Account Balances" check-box of the Organization's general ledger is set to "Yes":
- Dated on the latest day of the year (31-12-2012) below P&L Closing Entry.
This entry resets all "Revenue" and "Expense" account which in this example means a profit of USD 387.800,00 which is posted in the account defined as Income Summary.
In our example that is the account "3300 Current Operating Income":
- Dated on the latest day of the year (31-12-2012) below Closing Entry.
This entry resets all "Asset", "Liability" and "Owner's Equity" accounts.
- Dated on the day of the following year (01-01-2013) below Opening Entry.
This entry is the reversal entry of the above closing entry:
Reverse Permanent Account Balances set to "No"
Openbravo creates below "closing" entries if the "Reverse Permanent Account Balances" check-box of the Organization's general ledger is set to "No":
- Dated on the latest day of the year (31-12-2012) below P&L Closing Entry:
- and dated on the latest day of the year (31-12-2012) below entry as a Retained Earnings account is defined for the organization's general ledger:
