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Transfer of Journals from Primary Ledger to Secondary Ledger

in Financials – General (READ ONLY) 2 comments

Summary:

Regarding approach for running Income Statement closing and Balance sheet closing in Secondary Ledger


Content (required):

We are using Fiscal Calendar (01-Oct-2022 to 30-Sep-2023) for Primary Ledger and a Secondary Ledger has Calendar year (01-Jan-2023 to 31-Dec-2023). The Secondary Ledger was created for two entities which uses Calendar year for accounting. The transactions for those two entities will be created in Primary Ledger and the accounting entries will be transferred to Secondary Ledger. The question is

During year end, in Primary Ledger which has last period Sep-2023. Income Statement closing process will be run to close all the Income and Expenditure accounts. In the due process, the two entities which has last period Dec-2023, will also have retained earnings generated till Sep-2023 and transferred to Secondary Ledger. My question is...

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