Clear Revenue/Cost Balances

Explanation

Use this activity to create a voucher that contra-posts all revenue and cost balances for an accounting year in a selected ledger. While this voucher is stored in the hold table, it becomes possible to remove or modify the transactions and to add new transactions.

The Clear Revenue / Cost Balance voucher will post the difference from the revenue and cost balances to a profit or loss account defined with posting type GP8. If the revenue and cost accounts balance, the voucher will only contra-post the revenue and cost accounts.

Prerequisites

Before clearing revenue/cost balances, the following must have been completed for the selected ledger:

• A year closing period must be created.
• The user must be connected to a user group defined for year-end periods.
• This user group must be connected to the actual year closing period and to a voucher type defined for this transaction.
• The voucher type used for clearing should be connected to the ledger.

System Effects

A voucher that contra-posts all revenue and cost balances for an accounting year is created for the specified ledger.

The Clear Revenue / Cost Balance voucher will post the difference from the revenue and cost balances to a profit or loss account defined with posting type GP8. If the revenue and cost accounts balance, the voucher will only contra-post the revenue and cost accounts.

When the voucher is updated to the selected ledger, the balance for all revenue and cost accounts for the accounting year is 0. 

Pages

Clear Revenue/Cost Balance

Activity Diagrams

Handle Year End Settlements