Fusion Testing
Test Cases
Pass/Fail Images
Sign In
TC-08016 : Create period close journals for December period
View related Pass/Fail Images
Process Area : F&A
Prerequisites
All preceding tasks on the Period Close Checklist have been completed. While this task appears for all accounting periods only the December period will create Journal Entries to close out the Net Income to Retained Earnings.
Steps To Execute
Role: Kimray Controller 1. Navigate to the period end checklist. Setup ; Accounting ; Manage Accounting Periods. Click on the Period checklist for the December period. Click Create Period End Journals. Click Create Journals and check the two boxes under Historical Balances and Income Statement closing tabs. This process will only create journals in the last period of the fiscal year (December). Click Submit. When the process completes click back to period close and click Mark Task complete.
Expected Results
Two Period End Journals are created: Income Statement Profit Account is credited for a profit debited for a loss in the first Journal Entry. This equity account is then zeroed out and moved to the Retained Earnings account in the second Journal Entry. The two Journals reference each other in the "Paired Period End Journal" field. Period Close Journals can be viewed under Transactions ; Financial ; Period End Journals Post Closing Trial Balance shows no P&L Activity for the year. General Ledger/Account Register reports show the Period End Journals when Period End mode is enabled.