Close Income Statement Batch Job NAV 2009

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The purpose of the closing entry is to bring the temporary journal account balances to zero for the next accounting period, which aids in keeping accounts reconciled.

To conduct a Close Income Statement Batch Job in NAV 2009 and will need to go through the following steps.

Firstly, access the Close Income Statement Batch Job on the Navigation Pane by clicking Departments button, click Financial Management, click Periodic Activities, click Fiscal Year, and then select Close Income Statement.

The following fields appear on the batch job:
  • Fiscal Year Ending Date – automatically populated with the last date in the latest closed fiscal year. This date is used to determine the Posting Date for the journal.

Note: The format used by NAV while populating this field is Cmm/dd/yy where C represents Closing. It is not necessary to enter a date in this format as it will occur automatically. 

  • Gen. Journal Template – identifies the name of the general journal template that the entries are added in.
  • Gen. Journal Batch – identifies the name of the general journal batch that the entries will be added in.
  • Document No. – automatically populated with the next available number from the number series for the selected Gen. Journal Batch. 
  • Retained Earnings Ace. – identifies the account that the retained earnings entries are added in.
  • Posting Description – specifies the text to the accompany the entries. The default text is Close Income Statement.
  • Close by – determines how many entries are created by the batch job. The options are:
Business Unit Code: If this field is selected, and the company is a consolidated company, separate entries are created for each business unit.

Dimensions: For any dimensions selected, one entry is posted for each dimension value combination used in a G/L account.
Inventory Period Close – Indicates that the inventory period(s) with ending dates equal to, or greater than, the last date of the accounting period is closed.

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Dan Winter

Dan is Support Consultant at Metaphorix

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