Monthly Closing

Monthly Allocations of Income Statement Accounts

Through the Monthly Closing, the companies could perform operations on closing income statement accounts, so as to support the preparation of the company's financial statements such as Balance Sheet and Profit & Loss Statement. The functionality offers distribution of costs and revenues by different cost and revenue centers using static or dynamic keys. Through the Monthly Closing you can calculate the indirect costs incurred, related to manufacturing of products and choose to distribute them in the cost of manufactured items, such as workshop workers’ salaries or depreciation of machinery in a production unit.

Why choose Monthly Closing:

· If you need to close your income statement more than once a year;

· If you should apply different criteria when closing G/L account balance – dimensions or general product posting group;

· Several levels of allocations;

· Different closing criteria for different type of accounts.

Monthly Closing Features

· Transfer Income statement accounts balance to Retain Earning account on a regular period, e.g. monthly, quarterly;

· Define different rules for closing G/L Account balance;

· Select from different dimensions as allocation basis – global dimensions and additional two dimensions;

· Choose different closing allocation rules per G/L Account;

· Define static or dynamic allocation keys;

· Allocate indirect manufacturing costs over production units for selected accounting period.

For additional information: https://team-vision.bg

Supported countries:

All countries where Dynamics 365 business central is available.

Supported languages:

Bulgarian, English

Supported editions:

Essentials and Premium Editions of Microsoft Dynamics 365 Business Central