Partially Close Accounts

The Partially close accounts function in Mamut Business Software is used in the time period following the beginning of a new accounting year and before the previous year has been closed (when the final Opening Balance has been transferred).

By temporarily transferring the Opening Balance you are provided with a better basis for reviewing the company's Balance Sheet items for the new accounting year in this time period.

By closing the previous year, the final Opening Balance will override the temporary balance, so the balance sheet reports reflect the correct financial situation.

Note! Before you can partially close your accounts, you must create the new accounting year. The system will remind you that this must be done and you will be able to perform the operation via a wizard. You can also create a new accounting year by clicking View - Settings - Accounting and then New. Read more about how to create a new accounting year in New Accounting Year.

How to partially close accounts

  1. Select View - Accounting and Partially close accounts.
  2. Select which two accounting years the temporary opening balance will be transferred from and to. Tick the check box to generate the opening balance for account, project and department. If this box is not ticked the balances will be generated per account.
  3. Click OK.

    A journal of the original opening balance is created within the new accounting year. The journal contains all balance accounts.
  4. If required, generate a Balance Sheet report for the New Year to verify that the balance is updated.

Repeat the procedure every time you make changes to the previous year's balance. The same journal is overwritten with updated balances.

Read more about:

Year End

How to Create a new Accounting Year

 

Version 23.0. The documentation may refer to services and/or functions that are not included within your solution. If you wish to get more information regarding this, please contact Mamut.

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