Processing profit and loss accounts

Range section

Method

Method is predefined at System ➔ General ➔ Settings ➔ General settings under the Period and year control section. At Process profit/loss, select By period (monthly) or Yearly as the preferred method in the profit and loss account. You have to close and restart Exact Globe Next for the changes to take effect.

Financial year

Select the fiscal year from which you want to transfer the result of the profit and loss account to the opening balance.

Period

Select the period(s) from which you want to transfer the result of the profit and loss account to the opening balance. Alternatively, select the All check box for all periods.

Note: The date selection indicates the opening and closing dates as specified in the Start date and End date columns in the Period-date calendar table under the Period and year control section at System ? General ? Settings ? General settings. You can select a specific period or a range of periods. If you have selected Yearly at Method, the periods are disabled; but the system will assign a 12-month period of the requested fiscal year automatically. When you have defined Period at Method and selected the All check box at Period, the periods are also disabled for editing.

Journal

Type or select the required journal to which you wish to post the result. The transactions are generated based on the closing date defined in the Period-date calendar table for the particular period. This is a mandatory field.

Account: B/S

Type or select the general ledger account to which you want to post the result. You must select the general ledger account of the Balance Sheet type. This is a mandatory field.

Type

Select Standard or Fiscal for the year-end processing of the financial transactions.

Description

Type a description for the financial transactions.

Group by section

Financial year

Select the level for which you want to generate the transaction lines. When you have selected Financial year, the system generates the double-entry transaction lines per profit and loss account for each result. You cannot view any cost center information.

Financial year/Cost centre

Select the level for which you wish to generate the transaction lines. When you have selected Financial year/Cost Center, the system generates the double-entry transaction lines per profit & loss account with the cost center for each result.

Note: In the general ledger maintenance for the result general ledger account used in profit and loss processing, if you have selected the Cost center check box and defined a default cost center at Default Cost center, this cost center will be used in the closing entry when you process the profit and loss accounts. However, if you have selected the Cost center check box but did not specify a default cost center and there is no cost center available in the system, you will see a message "Entry: Not processed. GL xxxx: Mandatory cost center" displayed when you process the profit & loss accounts. If the Cost center check box is selected without a default cost center linked to the result general ledger despite the availability of cost centers in the system, the first cost center will be used in the closing entry when you process the profit and loss accounts. For more information, see Creating and maintaining general ledger accounts - Cost centers/Cost units tab.

Display

Click this to display all the generated transaction lines. For each period, the system will generate the transaction lines for processing based on the selected period(s). These transaction lines are posted on the last date of the selected period(s) as specified in the Period-date calendar table. For more information, see Displaying profit & loss transaction lines for processing.

Close

Click this to exit.