The procedure of closing accounts follows:
Choose --- for field transaction type# for adjustment journals.
Before running business logic processor AdjustExDeviation, review the up-to-date exchange rates on screen [M0F2].
This application supports several depreciation methods as shown on screen [M3F4]. If these methods suits your requirement, plase follow IFRS guideline and review the surplus value of every fixed asset on this screen and keept them update to date. Run business logic processor depreciate for period ends. Business logic processor depreciate filters and processes only the items entered on tab Tag where both 900 (Item#) and 1353 (Fixed Asset Serial#) tag# exist and are "attached to" an account detail as recorded on screen [M4P1].
Otherwise, users will need to manually record necessary information on screen [M4P1] for fixed assets and manually calcuate each of their depreciation off line and then enter the results on this screen.
Manually record necessary information on screen [M4P1] for these accounts and manually calcuate each of their amortization amounts off line and then enter the results on this screen.
Two journal entries will be created by business logic processor CloseBook:
closing journal: nominal accounts are closed
The balances of all real accounts are copied to the first day of the coming month as their initial balances in that coming month.
Please refer to the on-line help regarding the journal entries created by this business logic processor.