Year End Close – Closing to Retained Earnings Account

Hello!!

I need help to setup interim closing and end year closing to work according to the needs requested by the company

The requirements are:

1)     Perform 12 monthly interim closes using an Retained Earnings Offset (BSOFSETM). Additionally a retained earnings undistribute (“temporary”) account is used in this process.

When using an offset account for interim close, the P/L accounts retain their balances—they are not zeroed out during interim close.

2)     End year close:

-       Settle of the P&L accounts

-       Settle of the account Retained Eanings Offset.

-       Reclasified the balance retained earning undistributed to the retained earning account. This point has not been successfully implement after the set up of the closing rules I have defined.