Dynamics 365 Business Central | Post Close Income Statement Adjustments

Bond Consulting Services understands that accurate financial data forms the bedrock of any successful enterprise, and the “Close Income Statement” process within Dynamics 365 Business Central plays a pivotal role in guaranteeing its veracity specifically at the year-end close period. This feature transfers the year’s result to an account in the balance sheet and closes the income statement accounts. This is done by the creation of a journal entry, which is then posted to reflect the necessary changes for each account.

Finally, after the closing is completed, there are scenarios where auditors will ask for post year-end adjustments to be made in the balances of general ledger accounts. These adjustments can be made in Business Central by simply following the steps below:

1. Changing the allowed posting from date in the General Ledger Setup to the date of the adjustment.
   
2. Recording/Posting the general journal with the adjustments needed.
3. If the accounts adjusted were Income Statement accounts, you will then need to re-run the Close Income Statement process for the year once again to reflect the changes as needed to the necessary general ledger accounts.

Once posted, this will guarantee that your financial data is accurate for any reporting needs within Business Central.

For any questions about the Close Income Statement process or how to maximize your Dynamics investment, please reach out to us at Support@BondConsultingServices.com or you can click here to schedule a free consultation with one of our expert Dynamics consultants. You can also visit our YouTube channel for helpful walkthroughs of Dynamics 365 product capabilities.