Go to System ➔ Finance ➔ Process profit/loss, define the criteria to generate the transaction lines for processing and then click Display.
At the end of a fiscal year, you can process your profit & loss general ledger accounts to calculate whether your business is making a profit or incurring losses. The balance at the end of a fiscal year or period will be carried forward to the next fiscal year or period as an opening balance.
The header section displays all the criteria you have defined at System ➔ Finance ➔ Process profit/loss. For more information, see Processing profit and loss accounts.
Select All to display all the generated closing entries for Profit & Loss and Balance Sheet general ledger accounts, Profit & Loss to display only the generated closing entries for Profit & Loss general ledger accounts, or B/S to display only the generated closing entries for Balance Sheet general ledger accounts.
Note: This field is available only if you have selected the Process balance sheet check box under the Year-end closing process section in General ledger settings. For more information, see General ledger settings.
Click this to display the print preview of the generated transaction lines.
On the following screen, you can click Printer settings to adjust the printer settings before printing, Export to export the data to other formats, Print to confirm the print request, or Close to exit without printing.
Click this to process and post the profit & loss transactions.
If you have not closed or posted the journals, you will see the following message: “Do you wish to close all journals for the selected period(s)/year?” before processing the financial report. Click Yes to close all the journals for the selected period(s) or year, or No to cancel the journal postings. After clicking Yes, the system will check if there are any unprocessed entries or unallocated cash flow entries to confirm the processing of the Profit and Loss account. If you have any entries which are not posted or authorized, a message about this will be displayed as a notification to you.
Click OK to go back to the previous screen without processing the profit & loss statement or E-mail to send e-mail about the message. Once you have processed the transactions, a message “Processed: Financial entry” will be displayed.
Note: You can view the transaction postings which have been processed from the general ledger cards. For more information, see Viewing G/L cards.
Click this to exit.