Feature - Last Year Net Income Layout Support
For users who perform a temporary year-end close, from the time of the temporary year-end close to the final year-end close, the General Ledger Balance Sheet will be out of balance. This is because the Balance Sheet Net Income (BSNI) is calculated using transactions from the new year once you perform the temporary year-end close. In the meantime, the detail transaction for last year is still there on file because final year-end close has not been completed.
This feature introduces a new financial statement layout code: LYNI (Last Year Net Income).
This is similar to BSNI but LYNI only reflects last year data. It will only have a value after the temporary year end has been performed and before the final year-end close. If the value is zero, then it is not printed on the balance sheet at all. If you should include this code on your balance sheet (presumably before BSNI) then your balance sheet will be in balance even after the temporary year end.
When generating the statement of cash flow or the statement of financial position, the LYNI will be automatically generated and included before the BSNI.
The new code is printed on the Layout Edit List.
It is also included when printing the sample layout.
When printing the balance sheet, the last net income amount will only print if the temporary year-end procedure has been performed but the final year-end close has not. Budget and comparative values are not calculated for the LYNI.
The new layout code is also supported in the custom balance sheet and the CSV export.
New Programs: LSTYRWRK.SL, LSTYRWRK.FD, LSTYRWRK.WS, LSTYRWRK.DS, LSTYRWRK.IO,
Programs Modified: GLLAYOUT.WS, GLCALC, LAYMNT, SAFGEN, LAYEDIT2, LAYSAMP2, BSCUSSTM, BSSTMNT, CFSTMNT, FPSTMNT, PLCUSSTM, PLSTMNT
CLS
Related Articles
How to Archive GL Data Before Year-End Closing Procedure
Q: Our year-end closing procedure will purge all detail transactions, but I don't want to lose my previous-year GL transactions because they contain important data that I would like to go back to for reporting and auditing in the future. So I would ...GLMENU General Ledger Package Overview
Overview Package Overview How To Use This Manual When most people receive a new product, they want to use it right away. Unfortunately, this is not quite possible when dealing with computer hardware and software. This manual is intended to serve as a ...My Net Income (BSNI) at Balance Sheet Does Not Equal My Net Income on the P&L Statement
Q: My BSNI (Net Income) on the Balance Sheet does not equal my Net Income on the P&L Statement. How do I investigate? A: There are serval scenarios and different ways of handling this situation. 1. If the BSNI amount does not match the P&L Net ...GLACTMNU General Ledger G/L Account File
G/L Account File Application Overview The G/L Account File is used to set up and maintain, as well as print out a list of all or a subset of all accounts on file. The Account number entered for each record can be divided into three related components ...GL Year-End Closing Checklist
Q. GL year-end closing is a major event for our accounting department every year, but it's easy to forget the steps involved since we only do it once a year. Do you have a checklist for year-end closing that we can follow? A. Yes. The GL year-end ...