Closing Accounts to Specific Segments

A closing account is a retained earnings account to which you post the difference between the sums of revenue and expense account balances when you close these accounts at year end.

You can specify separate closing accounts for different divisions or departments of your company using the Segment Codes screen. For example, if one segment of your account numbers represents company divisions, you can close revenue and expense accounts to retained earnings accounts by division.

To close accounts to a specific segment:

1. Open General Ledger > G/L Setup > Options.
2. On the Segments tab, in the Use in Closing column, mark the segment as a closing segment.
3. Click Save, and then click Close.
4. Open General Ledger > G/L Setup > Segment Codes.
5. In the Segment Name field, select the segment you marked as a closing segment.
6. In the table on the G/L Segment Codes screen, enter all the codes that can be used for the segment, specifying the retained earnings account to which each segment closes.
7. Click Save, and then click Close.
8. Open General Ledger > G/L Accounts > Accounts.
9. For each revenue and expense account that includes the segment in the account number, select the closing segment in the Segment field of the Close To field set.

   Note: Any accounts for which you do not specify a segment will close to the default closing account, which is defined on the Account tab of the G/L Options screen.

10. Click Save, and then close the screen.

Last published: 4/8/2016