Year-End Closing Entry (Retained Earnings)

Question: How do you close profit & loss items and carry forward balance sheet items during year-end closing entry?

Environment: Comsense Enterprise

Explanation: Comsense Enterprise does not require any year-end closing entry. At the end of the fiscal year, the retained earnings automatically reflect the net income. The profit & loss statement and balance sheet are dynamic and always provide accurate information based on the selected period in the generate report window.