Closing and Opening Budget AdHoc Revolution

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accounting definition,accounting principles,accounting today,accounting software, accounting system,accounting information system,accounting equation,accounting careers,types of accounting,accounting pdf,nature of accountingThe procedure below illustrates how to perform budget closing and closing operations. Within the AdHoc Revolution management.The images shown belong to release 7, but the procedure described is entirely compatible with previous releases.Before closing the accounts, verify that the account used for earning the earnings (active check on”Exercise Result”) has a zero balance. If it had a zero off balance, there would be Quadrature issues by printing the Verification Report. The data required to complete the accounts are:

– Date of registration of the accounting movement;
– Accounting Cause to be used for recording the closing of the accounts;
– Contabile Account (Typically Profit) on which to turn the difference between

Revenues and Costs:

– Description of the accounting record. Data on accounting records for the recognition of profits are not compulsory. If they are not compiled, the program requires confirmation to proceed and notifies the user Who will need to provide it manually? If you intend to use the automatic procedure, you will need to complete the fields related to:

– Causality Accounting for the recognition of the economic result of the exercise that may be a specific cause (e.g., Determination of Exercise Result) or a generic Bonus but not Closing Balance;
– Loss Account or Loss Account;
– Description of the accounting record.Parameters related to closing accounts

Registration date:

It is valued according to the system date. It represents the time of recording of the closing and the revenue recognition movement.

Accounting Cause:

Cause of accounting closure closing accounts. Only Causes with Active Check on “Account Closing” can be selected.

Profit / Loss Account:

Only accounts belonging to the “Transitions” budget section can be selected. Represents the support account to use to detect the difference between Revenues and Costs. This account must be closed with the recognition of the profit.

Additional Description:

In this field, the description to be reported on the accounting record (e.g., Closing Accounts 2013) must be indicated.

Exercise:

This field must indicate the code of the task to be closed. It is valued based on the exercise on which you are positioned. Parameters related to the collection of profits

Accounting Cause:

Cause of accounting recognition. It has no peculiarities: a causal code and description is sufficient but not the same as the closing.

Profit / Loss Account:

In this field, the account to be used to detect the profit (or loss) must be defined.

Additional Description:

In this field, the description to be reported on the accounting record (e.g., Detection of Profit 2013) must be indicated.

HALF SITUATION CLOSURE:

The functional assumptions for such management are the same as described in the section on Accounting Closing. The data required to complete the accounts are:
– Date of registration of the accounting movement;
– Accounting Cause to be used for recording the closing of the balance sheet;
– Statement to which the assets and liabilities accounts are to be the reverse.
– Description of the accounting record.

Registration date:

It is valued according to the system date. Represents the closing date of the closing movement movement.

Accounting Cause:

Cause of accounting closure closing accounts. Only Causes with Active Check on “Account Closing” can be selected.Closing Balance Account. Only accounts belonging to the “Transitions” budget section can be selected. It Represents the banking account to be used to reverse the balance sheets. Since the Total Balance Sheet corresponds to the Total Liabilities Account; this account is used.only if it is necessary to “close” the recording of the balance sheet on multiple registrations (e.g., when the detail of the record exceeds 99 lines ).

Additional Description:

In this field, the description to be reported on the accounting record (e.g., Closing Accounts Account 2002) must be indicated.

Exercise:

This field must indicate the code of the practice to be close. It is valued based on the exercise on which you are positioned.

Opening Budget:

Account Opening Registration affects the printing of the Verification Report, whether it is printing with
– reading current financial statements “whether it is a budget
– from date to date: the only check is active
– previous year balances.
The data required to open the accounts are:
– Exercise Code to be opened;
– Date of registration of the accounting movement;
– Accounting Cause to be used to register the Opening of Balance Sheets;
– Accounting Account to be used if it is necessary to open with more than one
accounting record (if only one, Total Assets and Total Liabilities would coincide);
– Account to record any differences in conversion, in the event of a change from one currency to another (e.g., transfer of Lire to Euro);
– Description of the accounting record.

Exercise:

This field should show the code of the practice to open. It is valued based on the Exercise on which you are positioned. If it has not been created yet, you will be able to access the exercises directly (Double Field Zoom).

Registration date:

It is valued according to the system date. It represents the registration date of the opening account movement.

Accounting Cause:

Cause of Account Opening Account Opening. Only Causes with Active Check on “Account An opening” can be selected.

Account Opening Account:

Only accounts belonging to the “Transitions” budget section can be selected. It Represents the support account to be used as a counterpart in the balance sheet. Since Total Accumulated Bonds coincide with Total Accountability Account, this account is only used if it is necessary to “break” the opening record on multiple records (e.g. when the detail of the record exceeds 99 lines).

Conversion Differences:

In this field, the account to be used to indicate any conversion differences due to the change in the currency of the account (e.g., exercise from year to year in exercise in Euro).

Additional Description:

In this field, the description to be reported on the accounting record (e.g., Opening Accounts 2003) must be indicated.

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