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For example, the expense Gl has a closing balance of AED 1,222. When a detailed analysis is done, it shows it was created after the month-end closing.
2. The incorrect GL Section selected indicates that the correct section type (Debit/Credit) was used when creating the GL account. If incorrect, fix it and re-run the month-end closing to reflect the proper balance.
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Step 3- Check the Statement of Financial Position and verify the accounting equation:
Assets = Equity + Liabilities
If there is a mismatch:
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Step 4 – Transfer Profit to Retained Earnings
After all periods are closed properly, manually transfer the net profit/loss to the Retained Earnings account or allocate the amount as Dividends, if applicable. Follow the official manuals for the process:
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