Exercise - Post an entry into a closed fiscal year
This exercise is written to use the Cronus sample company from the US version of Business Central. You might need to make adjustments to the steps if you use the sample company from your country or region.
Scenario
In this scenario, the 2017 fiscal year is already closed. It is now auditing time and the auditors have found an additional vacation compensation expense for LCY 7,844.74 that must be posted in 2017.
As the accounting manager, you are responsible for posting the accrual. The debit is to the Vacation Compensation expense (account 60700), and the credit is to the Vacation Compensation Payable account (21500). Use 12/31/17 as the posting date for the entry.
After you have made the entry, transfer and post the expense to include it in the closing process. Use the following criteria to complete the closing process:
Use the DEFAULT general journal as the transfer to journal.
Post to the retained earnings account, 30200.
Add 2017 Audit to the end of the posting description.
Do not close by dimensions because dimensions are not used to post this expense.
You don't have to review any entries.
Tasks
Post the accrual according to the scenario.
Run the Close Income Statement batch job according to the scenario.
Post the general journal.
Steps
Post the accrual
Select the Search for Page icon in the top-right corner of the page, enter general journals, and then select the related link.
Select the DEFAULT batch.
On the first general journal line, in the Posting Date field, enter 12/31/17.
In the Account Type field, enter G/L Account.
In the Account No. field, enter 60700.
In the Amount field, enter 7,844.74.
In the Bal. Account Type field, enter G/L Account.
In the Bal. Account No. field, enter 21500.
Select Post/Print > Post.
Select Yes.
Select OK.
Close the General Journals page.
Run the Close Income Statement batch job
Select the Search for Page icon in the top-right corner of the page, enter close income statement, and then select the related link.
Make sure that the Fiscal Year Ending Date is 12/31/17.
In the Gen. Journal Template field, select the drop-down list and then select GENERAL.
In the Gen. Journal Batch field, select the drop-down list and select DEFAULT.
In the Retained Earnings Acc. field, enter 30200.
In the Posting Description field, add 2017 Audit to the end of the text.
Select OK to run the Close Income Statement batch job.
Select OK to the message that the journal lines are now created.
Post the general journal
Select the Search for Page icon in the top-right corner of the page, enter general journals, and then select the related link.
Select the DEFAULT batch.
Select Post/Print > Post.
Select Yes.
Select OK.
Close the General Journals page.