To simplify the closing operations, several tools are available in Abacus. These automate work, facilitate the reverse entry of transactions when changing periods and reduce the source of errors.
When entering documents in accounts receivable or accounts payable and for entries in financial accounting, the accrual period is specified. Abacus then creates all the necessary entries for the creation and dissolution of the accrual for less than or more than one year. The following advantages are offered by working with this function in Abacus:
- Automatic creation of all accrual entries, even across years
- No more manual dissolving of accruals
- No more keeping accrual overviews or additional journals
- Less time and less control effort
- No additional licensing necessary
In order to automatically enter accruals across periods or years, the accrual definitions must first be entered in program 513 "Accruals" as well as in F21 "Account master" on the relevant accounts. These are then used as proposals in the data entry programs and can be adjusted for each entry. Setup via the AbaConnect interface is also possible.
Provisional closing entries that are entered in advance and should be continuously updated can be entered in a batch in Financial Accounting. If they are intended to flow definitively into the General Ledger, the batch will be saved. Working with a batch offers the following advantages:
- Entries can be adjusted as required until they are saved.
- Complete deletion of entries that are no longer required is possible.
- Prior entry of data and ongoing updating is possible.
- Reports and evaluations can be individually adjusted.
- Can also be used in the supplementary journals.
Once the entries have been saved to the main journal, it is possible to correct or cancel them depending on the master data settings. Until then, the adjustments of the entries in the batch are not protocolled. The VAT accounting does not include any entries from the batch.
Working with provisional journals is outdated and does not provide the possibilities of supplementary journals. Abacus recommends working with supplementary journals. Entries relating to the closing operations can be recorded in an supplementary journal. This enables the separation from the regular accounting in the main journal.
Compared to the provisional journals, the supplementary journals offer the significant advantage that they can be selected in the evaluations and report programs. This is not possible with the provisional journals, which require a journal transfer to the main journal or an supplementary journal.
Up to four supplementary journals can be maintained and individually labeled for each client. Activation takes place via program 621 "Application settings".
Journal carry overs
In a financial statement, there are circumstances that need to be reversed in the next accounting period. Depending on the situation, automatic entry via the accruals and deferrals is not always possible. So that entries do not have to be entered twice manually for this purpose, entries can be transferred between individual journals with a debit/credit swap via the entry screen in F11 or via the F5531 utility program.
The required entries are entered at the end of the year in the supplementary journal "Closing 2021". In order to cancel the entries at the beginning of 2022, the corresponding entries can be posted in the following year with a debit/credit swap in the additional journal "Closing 2022".
Step 1: First, the entries are recorded in the supplementary journal in program 11.
Step 2: Click on "Go to > Interfaces > Post Journal" in the menu bar. Select Update journal and click on continue.
Step 3: Carry over: Select the supplementary journal "Closing entries 2021" for the source and the supplementary journal "Closing entries 2022" for the destination.
Step 4: The following settings should be applied in this way: Sequence: Detail by posting number, select entry number From XY To XY.
Step 5: Layout: Select Swap debit/credit in the changes, set the document date to 01.01.2022 and continue.
Step 6: Criteria: Leave blank and continue
Step 7: Information: Finish
Step 8: Processing: Wait here until the process is finished and then click Close.
After the carry over, the debit/credit swap can be seen in the grid or in the entry area in the supplementary journal 2022 for the two entries. Alternatively, the amount can also be multiplied by "-1" during the carryover.
If the journal is carried over from a provisional journal, the entries must first be posted to a main or supplementary journal and then posted again to the next journal. If work is done directly in the supplementary journals, there is no need for a carry over.