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Mid Month Close and Retained Earnings Processing

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Summary:

Mid Month Close and Retained Earnings Processing

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For year end closing, General Ledger automatically posts the net balance of all Revenue and Expense accounts from the prior year to the Retained Earnings Account (REA) when the first period of a fiscal year is opened.  The Open/Close Period program then sets the beginning balances for those Revenue and Expense accounts to zero for the first period of the fiscal year. This process does not create a journal entry, it simply updates the account balances.

We need to perform a mid month close for FY23 and the processing of retained earnings. How to achieve the same - that is, making updates to account balances without producing a journal entry.

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