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When running the Year-End Close Process: Retained Earnings is by Financial Dimension instead of just 1 line for Retained Earnings

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Dynamics 365 Finance

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Mar 27, 2024

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  • The article discusses the Year-End Close process in Microsoft Dynamics 365 Finance and Supply Chain (D365 F&SC).
  • During the Year-End Close process, the balances of income and expense accounts are transferred to the Retained Earnings account.
  • This process ensures that the new year starts with zero balances in income and expense accounts and reflects the correct equity in the Trial Balance.
  • If the Retained Earnings account has Financial Dimensions assigned to it, a setup change and running the Year-End process again can remove the Financial Dimensions from Retained Earnings.
  • The "Transfer profit and loss dimensions" section in D365 F&SC is used to specify which financial dimensions on transactions posted to profit and loss accounts will be transferred to the retained earnings main account.
  • Financial dimensions relevant to the selected legal entity need to be identified, including those posted against during the year, even if they are not part of an active account structure.
  • Each dimension can be defined as either "Close single" or "Close all". "Close all" maintains the original financial dimension values from posted transactions and creates opening balances for the retained earnings account based on unique combinations of financial dimension values.
  • If "Close single" is selected, all transactions with the selected financial dimension will be summarized into a retained earnings beginning balance based on the entered dimension value. If the dimension value is left blank, all transactions will be posted to retained earnings with a blank dimension value.

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