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Year closing operations in the Czech version

To comply with accounting legislation (Accounting Law 563/1991 ยง17), you must close and open certain account books at the end of the fiscal year:

  • Close the profit and loss accounts with the Close Income Statement CZ report.
  • Close the balance sheet accounts with the Close Balance Sheet report.
  • Open the balance sheet accounts for the new fiscal year with the Open Balance Sheet report.

All three reports create lines in a general journal that you then post. They don't post entries directly.

Close income statement accounts

The Close Income Statement CZ report creates journal lines that zero out your income statement accounts and transfer the balance to a retained earnings account.

  1. Choose the Tell Me icon, enter Close Income Statement CZ, and then choose the related link.
  2. In the Fiscal Year Ending Date field, enter the last date in the fiscal year that you're closing.
  3. In the Gen. Journal Template and Gen. Journal Batch fields, select where the closing lines are created.
  4. In the Document No. field, enter the document number to use on the closing lines.
  5. In the Retained Earnings Acc. field, select the G/L account that collects the retained earnings.
  6. In the Post to Retained Earnings Acc. field, select Balance to post retained earnings as one summarized line, or Details to post the retained earnings account as the balancing account on every line.
  7. In the Posting Description field, enter the description to use on the closing lines.
  8. In the G/L Account Group field, select the accounting circuit to close, if you use multi-circuit accounting.
  9. Under Close by, select Business Unit Code and Dimensions to close per business unit or dimension combination, and select dimensions to use with the Dimensions field.
  10. Choose OK to create the journal lines, and then post the batch.

Close balance sheet accounts

The Close Balance Sheet report creates journal lines that transfer balance sheet account balances to a closing balance sheet account at year-end.

  1. Choose the Tell Me icon, enter Close Balance Sheet, and then choose the related link.
  2. In the Fiscal Year Ending Date field, enter the last date in the fiscal year that you're closing.
  3. In the Gen. Journal Template and Gen. Journal Batch fields, select where the closing lines are created.
  4. In the Document No. field, enter the document number to use on the closing lines.
  5. In the Closing Balance Sheet Account field, select the G/L account that collects the closing balances.
  6. In the Post to Closing Balance Sheet Acc. field, select Balance or Details, as described for the Close Income Statement CZ report.
  7. In the Posting Description field, enter the description to use on the closing lines.
  8. In the G/L Account Group field, select the accounting circuit to close, if you use multi-circuit accounting.
  9. Under Close by, select Business Unit Code and Dimensions as needed.
  10. Choose OK to create the journal lines, and then post the batch.

Open balance sheet accounts

The Open Balance Sheet report creates journal lines that bring the closing balances back in as opening balances for the new fiscal year.

  1. Choose the Tell Me icon, enter Open Balance Sheet, and then choose the related link.
  2. In the Fiscal Year Ending Date field, enter the last date in the fiscal year that you closed.
  3. In the Gen. Journal Template and Gen. Journal Batch fields, select where the opening lines are created.
  4. In the Document No. field, enter the document number to use on the opening lines.
  5. In the Opening Balance Sheet Account field, select the G/L account that holds the opening balances.
  6. In the Post to Opening Balance Sheet Acc. field, select Balance or Details, as described for the Close Income Statement CZ report.
  7. In the Posting Description field, enter the description to use on the opening lines.
  8. In the G/L Account Group field, select the accounting circuit to open, if you use multi-circuit accounting.
  9. Under Open by, select Business Unit Code and Dimensions as needed.
  10. Choose OK to create the journal lines, and then post the batch.

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