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. 

Window

Clear Revenue/Cost Balances

Related Window Descriptions

Clear Revenue/Cost Balances

Procedure

Use the following procedure to clear revenue and cost balances:

1. Open the Clear Revenue/Cost Balances window.
2. Enter the ledger ID for which you want to clear revenue/cost balances. The List of Values can be used to select the required ledger ID.
3. Enter the accounting year. Use the List of Values to select an accounting year that has a year closing period in Open status.
4. Enter the user group. Use the List of Values to select a user group valid for the accounting period.
5. Enter the voucher type. Use the List of Values to select a voucher type that belongs to the Function Group M, Manual Vouchers. The List of Values only contains voucher types that are valid for the user group.
6. Select the check boxes appropriate for summarization to create correct counter-postings on balances.
7. Click OK.