Dynamics 365 Business Central – Exploring the Different Options when running the “Close Income Statement” Routine

Dynamics 365 Business Central

The article explores the various options available when running the "Close Income Statement" routine in Business Central.
The routine is used to close the income statement General Ledger accounts and transfer the balances to the retained earnings account as part of the General Ledger year-end routine.
Business Central offers customization options for closing income statement accounts, allowing for different levels of detail and analysis.
Option 1 involves posting to Retained Earnings in summary with no dimensions, consolidating all income and expense balances into one summarised posting.
Option 2 posts in detail to the Retained Earnings but with no dimension analysis, resulting in multiple entries to the Retained Earnings account.
Option 3 posts in summary to Retained Earnings and closes by dimension, creating separate entries per dimension for each income statement account.
Option 4 posts in detail to Retained Earnings and closes by dimension, providing the highest level of detail with separate entries for each income statement GL account.
The "Close Income Statement" routine in Business Central offers flexibility in how income statement balances are posted to retained earnings, allowing for different levels of analysis and reporting.

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