Use this window to define closing accounts, including Trading, Profit and Loss, Balance Sheet and Operating Account. You can also define other closing accounts, as explained in the Item Accounting Group guide. Enter the closing account code, name, Latin name and notes. The closing account identifies the account to which another account balance is transferred at closing. For example, the Trading Account balance is transferred to Profit and Loss, making Profit and Loss its closing account. You can also enter balance explanation text describing the resulting balance when present. Choose Accounting > Closing Accounts to open the window. The following illustration shows the closing account record and its fields.
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