Year-end close for Czech Republic and Hungary
This article provides information about the year-end closing process and opening transactions for the Czech Republic and Hungary. This functionality allows user to set up the year-end closing process in the following ways:
- Posting to different accounts for closing and opening of balance accounts.
- Transfer of profit or loss year-end result into the newly opened year to a different account.
Year-end closing setup
On the Accounts for automatic transactions page, you can specify the general ledger accounts to be used during the year-end closing process:
- Year-end result – This account will be used for transferring the ending balances of profit and loss transactions.
- Transfer of closing and opening transactions – This account will be used for transferring ending balances of balance sheet accounts.
Opening transactions setup
Before you can post opening transactions to a different account for each of main accounts, you must specify the ledger account in the Opening account field on the main account.