Year end queries

[vikstar]

Hi, my accountants are asking the following questions;

1. After completing year end process, there is still profit and loss account balance in trial balance. Should this not be transferred into retained earnings?
2. What nominal codes do I use for posting year-end audit journal? Should I use retained earning nominal code or individual profit and loss account nominal code for the adjustment entry?
3. Even after posting year end journal into net wages control accounts, the balance has not been reflected into the accounts? The balance is same and has not changed after posting year end journal.
4. How do I unlock the year end date and amend the year end journals?

Please can you advise ?

Kind regards,
Vikesh

[ian_roberts]

@vikstar

• After completing year end process, there is still profit and loss account balance in trial balance. Should this not be transferred into retained earnings?

It normally is when you do the “year end process” from the account settings page.

@vikstar

• What nominal codes do I use for posting year-end audit journal? Should I use retained earning nominal code or individual profit and loss account nominal code for the adjustment entry?

I don’t understand the question, sorry.

@vikstar

• Even after posting year end journal into net wages control accounts, the balance has not been reflected into the accounts? The balance is same and has not changed after posting year end journal.

Are you sure you’re looking at the right date?

@vikstar

• How do I unlock the year end date and amend the year end journals?

For the actual year end journal (as created by the “year end process”) you should be able to amend it without unlocking anything. For other journals posted on the same or an earlier date you need to delete the YE journal, then go to “account lock date” from the all settings page.