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Difference between Income Statement Closing vs Balance Sheet Closing Journals ? — Cloud Customer Connect
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Difference between Income Statement Closing vs Balance Sheet Closing Journals ?

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edited Jun 26, 2020 10:43AM in General Ledger & Intercompany 4 comments

Summary

Diffrence between Income Statement Closing vs Balance Sheet Closing Journals ?

Content

Hello 

I would like to know the diffrence between 

I think I should run the Create income Statement Closing Journals in order to cancal all the P&L Accounts and send the Balance to Retaining Earnings and the Create the Balance Shhet Closing Journals to transfers the retaining earnings from one period to another.

Please Advise

 

 

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