Closing entries

Closing entries

Closing entries close expense and revenue accounts in an orderly manner. At the beginning of the new accounting year, the accounts start again with a balance of zero. X-ERP automatically suggests the balances to be posted. The final posting process can be carried out as often as required. Only the newly created balances are suggested.

The postings made do not affect the evaluations of the financial year to be closed.

Why this point is crucial for key users

Here the end of the year becomes a controlled transition. The key user connects technical closing rules with the correct periods and accounts - thereby preventing silent shifts in reporting.

Fields and settings at a glance

• Accountant: Responsible person.
• Closing account: Balance sheet account in which the values to be closed are kept.
• Lecture account: Select a balance carryforward account on which the sum of the profit and loss accounts - i.e. the annual profit or loss - is shown in the new financial year. This can be an opening balance account or a profit or loss carryforward account.
• Closing period: Open period of the old year.
• Lecture period: New year open period.
• Completion date: Document date of the final posting. As a rule, this is the last day of the financial year to be closed (e.g. December 31st).)
• Lecture date: Document date of the opening posting in the following financial year. As a rule, this is the first day of the new financial year (e.g. January 1st).).

Register overview

• Closing posting number: Unique number of the operation.
• Creation date: Time of creation for traceability.
• Document date: Free date field. No impact on postings.
• Document number: External or internal proof of reconciliation.
• Info: Short, verifiable description of the lecture.

Positions tab

• Account: Account number of the P&L account
• Amount: The balance of the respective account as of the last day of the financial year to be completed is displayed. The amount cannot be edited.
• The switch Remove deletes individual positions from the draft.
• With the switch Book the final entries are made.

How to prepare for the process safely

1. Reconcile accounts and periods with accounting.
2. Specify the closing and opening accounts and both periods.
3. Check the positions created and the total amount.
4. Do not book the draft until approved; archive the evidence as an attachment.

Check before sharing

• Both periods are open and time correct.
• Accounts and positions reflect the agreed closing logic.
• The posted transaction corresponds to the balance sheet and income statement.

What your team gets out of it

The conclusion does not become a black box: every movement remains visible as a tested, understandable chain.

Related topics

1. For key users – understand and prepare processes › Financial accounting › New year work › Posting period assistant
2. For key users – understand and prepare processes › Finance › Preparation of financial reports

Frequently asked questions