Consolidating month end closing entries, four steps in preparing closing entries
Example: How to Consolidate
You can post the journal batch if you have read and write access to all of the balancing segment values or management segment values in the journal batch. When the closing journals are posted, the standard and average balances are both updated.
These counts are exhaustive and count all inventory in the warehouse. If you are using a journal reversal criteria set, choose the reversal method in the Journal Criteria Set window.
Journal entries reflect only entered amounts.
Formula entries use formulas to calculate journal amounts that vary from period to period. Foreign currency balances are ignored.
You can also define an unlimited variety of custom reports using the Financial Statement Generator to review account balances in the format of your choice.
Full Read and Write Access: If the balance sheet closing account is within the range you specified, General Ledger ignores this account when extracting balances.
New Fiscal Year Income Statement Account Balances If you do not need to close your balance sheet, you can close the current period and open the new fiscal year.
If the closing account is specified as an income statement account, the revenue and expense account balances are transferred to this closing account.
Or you can alternatively run the Open Period program from the Submit Request window to open periods. Skeleton entries affect the same accounts each period, but have different posting amounts. Common sizing is a review technique that converts each line item of a financial statement into a percentage of a certain reference point.