Financial Results: General Area

The general area of any financial result entry has the following fields:

Field

Used to

#

Document number (#) is assigned automatically when you save the warehouse movement document based on the selected numerator.

Users with the appropriate permissions can override the auto-generated number and enter it manually.

After overriding the warehouse movement document number, automated numbering will proceed in the same manner but using the manually set number as a start value.

Date

Date field is automatically assigned the datetime when the new financial results document was created.

Date field indicates the posting datetime, the document datetime as well as the datetime when the action is to take place/ took place.

You can override the auto-generated datetime and enter it manually. 

  • It is a required field. If document date is not specified, you will not be able to save the document.

 

You may leave the information on financial results entry as is, without repositioning the Close fiscal year switch. In this case, your incomes and expenses will be written off on the bookkeeping account of financial results. This is done periodically, usually once a month or with any other period set by the user.

In case you will choose to close the fiscal year with the current financial results entry (by repositioning the respective switch), the system will not only write off your incomes and expenses on the bookkeeping account of financial results but also write off your financial result on the account of undistributed financial results.

When you are closing fiscal year with the Financial results entry, the system will add a field of % of corporate tax. Type in the amount of tax on profit in % and after being posted, financial result entry will count the amount of tax on profit.

In case you had some losses in previous years, you may reposition the switch to turn on the Use tax asset mode. The system will search all previous financial results entries to count the amount of tax asset as the amount of loss, multiplied by the tax on profit rate. Calculated result will be debited from the tax asset account and credited on the undistributed financial result account.

For example, two years before the current financial results entry your company had a loss of $ 2,000.00 thous., one year before the current entry - $1,000.00 thous. At the year of current entry, your company had a profit of $4,000.00 thous. In case you will choose to use tax asset, the system will count the amount of corporate tax for $1,000.00 thous. ($4,000.00 - $1,000.00 - $2,000.00 = $1,000.00) instead of $4,000.00.

 

Note: To count the amount of tax asset, you may input it into the system through Initial balance or Manual transaction entries.

 

In case you had profit, the system will check the balances of tax assets (Use tax asset switch is active), other transactions will remain the same as when you close a fiscal year (see above).

If you are closing the fiscal year and need to change bookkeeping accounts for transactions, reposition the advanced mode switch. It will add fields Account of expense from income tax and Account of corporate tax. In case the Use tax asset is active, field Account of tax asset will be added. To enable editing of those fields, reposition the override switch.

When you have set all the required parameters and made all necessary changes, you may lock the transaction by clicking on the Go to transaction locking button. You will be taken to the respective page to lock all transactions with the date that is earlier than the date of the current financial result entry.

In order for financial results entry to make changes in the system, it has to be posted.

 

More information

Фінансові результати
Create a New Financial Results Document