AIM
MD.050 APPLICATION EXTENSIONS
FUNCTIONAL DESIGN
Usha Kiran Movies Private Ltd
Year End Closing Process
Author: Bharath
Creation Date: May 4th, 2020
Last Updated: May 4th, 2020
Document Ref: RFC_FIN
Version: DRAFT 1A
Approvals:
<Approver 1>
<Approver 2>
Year End Closing Process Doc Ref: DRAFT 1A
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Document Control
Change Record
1
Date Author Version Change Reference
4-May-20 Bharath Draft 1a No Previous Document
Reviewers
Name Position
Distribution
Copy No. Name Location
1 Library Master Project Library
2 Project Manager
Note To Holders:
If you receive an electronic copy of this document and print it out, please write your
name on the equivalent of the cover page, for document control purposes.
If you receive a hard copy of this document, please write your name on the front cover,
for document control purposes.
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Company Confidential - For internal use only
Year End Closing Process Doc Ref: DRAFT 1A
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Contents
Document Control...................................................................................................................ii
Topical Essay.............................................................................................................................1
Basic Business Needs........................................................................................................1
Major Features...................................................................................................................1
GL Journal Generator Configuration....................................................................................2
Generating Year End GL Journal...........................................................................................6
Open and Closed Issues for this Deliverable.......................................................................9
Open Issues........................................................................................................................9
Closed Issues......................................................................................................................9
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Topical Essay
The Year End Closing Process is done using the GL Journal Generator.
Year End Closing Process contains:
GL Journal Generator configuration
Creation of Year End GL Journal using generate GL Journal button
Journal enteries are approved and poted in iDempiere GL
Manual Adjustment Entry is passed for Retained Earnings Account.
Basic Business Needs
Year End Closing Process provides you with the features you need to satisfy the
following basic business needs. You will be able to address the following:
All the Revenue and Expense Accounts are nullified at the Year End, and balance is
carrying forwared with Retained earnings Account.
Generated GL Journal can also send for approval workflow.
All the Opening Balances and Closing Balances are generated properly.
The Financial Reports like Balance Sheet , Profit and loss reports are generated
with the Proper Data.
Major Features
Inbuilt Feature
Year End Closing Process is an Inbuilt iDempiere feature , through which Year End
Journal can be created easily.
Workflow Approval Process
The Generated GL Journal can be sent for approval process using the workflow
configurations.
Journal Entry
Manual Journal Entry can be passed easily with Retained Earning Account and Either
Adjust Account DR or Adjust Account CR Accounts
Easy Reconciliation
Reconciliation between GL Journal generated from GL Journal Generator and Financial
Report like Trail Balance can be easily done.
Year End Closing Process Doc Ref: DRAFT 1A
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Company Confidential - For internal use only
Year End Closing Process Doc Ref: DRAFT 1A
GL Journal Generator Configuration.
In the Year End Closing Process , the GL Journal Generator need to be configured.
Open the GL Journal Generator by typing in Search Box
or
Menu -> Performance Analysis -> GL Journal Generator.
1.1 : GL Journal Generator Header Configuration.
Configure the GL Journal Generator Header Tab as below, Give the Name and Description for the Header
and select the Document Type and Posting Type , Accounting schema , Account Adjust DR and Account
Adjust CR Accounts from the LOV. Please refer this link for more details
[Link]
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1.2 : GL Journal Generator Line Configuration.
The Generator line give the Description, Enable the check box Copy All Dimensions and give -1 value as Multiplier
Amount.
Usually two generator lines are created one for Revenue and another one for Expenses.
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1.3 : Generator Line Source Configuration.
Under Each Generator Line either Revenue or Expense , the Source Accounts must be mapped in Generator Source.
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Year End Closing Process Doc Ref: DRAFT 1A
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Company Confidential - For internal use only
Year End Closing Process Doc Ref: DRAFT 1A
Generating Year End GL Journal
Once the GL Journal Generator is configured, Year End GL Journal can be generated using Generate GL Journal
button in the Header.
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Click on Generate GL Journal button and give the Parameters Processing Date (Start Date and End Date of the
Financial Year), Account Date (Year End Date) , Disable the check box Simulation and Document Action Prepare.
Click on OK the process will generate once GL Journal.
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The GL Journal is auto created with the Closing Balances of Revenue and Expense Accounts ( Debit Balances are
credited, and Credit Balances are Debited) and either Account Adjust DR or Account Adjust CR is created based on
the difference between Total Revenue and Total Expenses.
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Once we complete the Generated GL Journal , all the Revenue and Expense Accounts balances become zero at the
Year End.
Finally, we can pass an Adjustment Entry for Retained Earning Account with either Account Adjust DR or Account
Adjust CR Account.
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Year End Closing Process Doc Ref: DRAFT 1A
Open and Closed Issues for this Deliverable
Open Issues
ID Issue Resolution Responsibility Target Date Impact
Date
Closed Issues
ID Issue Resolution Responsibility Target Date Impact
Date
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