CREATION OF ACCOUNTING PERIOD. Step1. Globally search “Accounting Period” and click on the related link. Step2. To create a new accounting period, select process and then click Create year. Step3. By default, system will have a starting date as per the last created accounting period. The no. of periods is 12 by default Period length usually is 1M but can be modified to weeks or quarters. Click ok and a new accounting period is created. CLOSE ACCOUNTING PERIOD Step1. Select Process action and then click on Close Year Step2. System pops up a message stating the start and end date and once the period is closed it cannot be undone. Once you click OK, the closed and data locked column is check true. After Closing the accounting period, we need to close the Income Statement. Step1. Globally search “Close Income Statement” and select the related link Step2. The Fiscal year ending date is automatically filled by the system Step3. Select the journal template you need to post. For Journal batch, create a new batch that can be uniquely identify year end. Step4. Fill in all the necessary details. Click OK and Journal lines are created Step4. Navigate to General Journal and select the batch name Check if the balance is correct before posting.  (First preview post the entries to verify the G/L entries) Step5. Post the journal lines. After posting check the retaining earning account. Hope this helps! Thank you.

 Scenario: A Business Central User receives a Sales order, the user then created a new customer and linked the new contact to it. The user Created a Sales Order and Posted it. Later found out that the user has created a duplicate customer. The new contact should be linked to Original customer. Steps: How to Merge Duplicate Customer Data. 1. In the Customer list below, the Original Customer no. 5000 has higher balance then the duplicate customer no. C00010 . The correct Contact, Mr Jim Halpert is set for duplicate Customer. 2. Now to Merge the duplicate Customer no. C00010 to Original Customer no. 5000, Open the Original Customer card and click on ‘Actions – Function – Merge with’ 3.The Merge duplicate page will open up, in the Merge with Field, enter the duplicate Customer no. In the fields FastTab, we can override the field value. In this case, check the Override box for contact as it needs to be linked to the original Customer. After updating the fields, now we can hit the Merge button on upper left corner. 4. A message will pop up, warning the user that the merging cannot be undone. The duplicate customer will be deleted permanently and data will be combined with original customer. 5. Now if we go back to Customer List, the duplicate Customer is deleted. The balance of Original customer has Increased. The relevant posted sales shipment and Posted sales Invoices are updated with duplicate customer’s data. 

CUSTOMER POSTING GROUPS Customer Posting Groups determines the account receivables account.  1. In the search option, enter Customer Posting Groups and then choose related link. 2. In the Code Field, type unique identifier. 3. In the description field, type description of Customer posting group. 4. In each relevant account field, enter the G/L account  that will post the transaction accordingly. Receivable Account: This is a summary account where all the entries from customers will end up in balance sheet. Service Charge Account: This is a fee account where any fee you Charge to the customer when invoicing will end up here. Payment Discount Dr. Account: This account represents cash discounts given to the customers, then the sum representing the difference in original amount and what they’ve actually paid. This will be in debit field. Payment Discount Cr. Account: This account represents cash discounts given to the customers, then the sum representing the difference in original amount and what they’ve actually paid. This will be in credit field. Interest Account: It is an account to which, if you issue reminders or finance charge memos with interest on them, this interest revenue will be posted to this account. Additional Fee Account: This is where the reminder fees and finance charge momos will be posted when they are issued. Add. Fee per line Account: This is where reminder account will be posted if you have a reminder amount on each line of your remainders. Invoice rounding Account: This is where invoice rounding will be posted. Debit Curr. Appln. Rndg. Acc/ Credit Curr. Appln. Rndg. Acc: Both accounts are same except one is Dr and other is Cr. This account is particularly used when you are applying an entry on your customers from different currencies. E.g. Invoice is in USD but payment is in EUROS, in this case rounding difference will be posted to this account. Debit Rounding Account/ Credit Rounding Account: This is same as above mention field except the difference is of same currency and needed a slight adjustment. These accounts will therefore be used to Debit or Credit respectively.  Payment tolerance Debit account/ Payment tolerance Credit account:  These accounts are used to have a payment tolerance towards customers. e.g. If the customers is Invoiced USD 105 but customer pays only USD 100, and you have set a tolerance for 5USD which means the difference will be posted to these two accounts.  Assign Customer Posting Groups to Customers 1. In the search option, enter Customers and then choose related link. 2. Open a Customer Card. 3. Expand Invoicing Tab, in Customer posting group field enter relevant details. VENDOR POSTING GROUPS Vendor Posting Groups determines the account payable account. 1. In the search option, enter Vendor Posting Groups and then choose related link. 2. In the Code Field, type unique identifier. 3. In the description field, type description of Vendor posting group. 4. In each relevant account field, enter the G/L account  that will post the transaction accordingly, Payables Account: This is a summary account where all the transaction from vendors will end up in balance sheet. Service Charge Account: This is a account where you can put any service charge that might come from the vendor. Payment Discount Dr. Account: If you pay your vendor ahead to time and get a cash discount, a debit entry will end up in this account. Payment Discount Cr. Account: This account represents cash discounts given to the customers, then the sum representing the difference in original amount and what they’ve actually paid. This will be in credit field. Invoice Rounding Account: This account is used when an invoice from the vendor has to be rounded. Debit Curr. Appln. Rndg. Acc/ Credit Curr. Appln. Rndg. Acc: This account is used when the different Currencies have to be applied to each other and rounding has to be carried out. Debit Rounding Account/ Credit Rounding Account: This is used when you settle the outstanding amount in same currency but a little rounding off is to be done. Payment tolerance Debit account/ Payment tolerance Credit account: These accounts are used to have a payment tolerance towards vendors. Assign Vendor Posting Groups to Vendors 1. In the search option, enter Vendors and then choose related link. 2. Open a Vendor Card. 3. Expand Invoicing Tab, in Vendor posting group field enter relevant details.