Wiki Detay | wiki workcube

Expenses in cost accounts are reflected in the relevant income statement accounts through reflection accounts at the end of the accounting period. Recording transactions are made at the end of the period with the Workcube, Reflection Accounts Closing Definitions screen.

Path: ERP > Finance Accounting > Accounting Definitions > Reflection Accounts Closing Definitions

For example, the business that has completed its inventory studies and valuation studies at the end of the period has not yet made reflection records. Since reflection records are not made, the business cannot calculate the profit and loss for the period and cannot prepare its balance sheet.

Attention: If businesses have used seven-fold accounts during the period, they must make a reflection record at the end of the period in order to track the costs. After the reflection records are made, the income statement should be prepared. Six accounts are collected in the income statement.

To get detailed information about the Income Statement, read our articles "Income Statement Form Definitions" and "Income Statement". you can read.

		Debit	Credit
631.	Marketing Expense	76,553
632.	General Administration Expense	92,987
660.	Financing Marketing Expense HS.		76.553
771.	General Administrative Expense Reflection HS.		92.987
781.	Financing Expense Reflection HS.		53.813

If a business does not make production, does not distribute expenses, or does not distribute the budget, the meaning of using seven-fold accounts is There is none.

Note: Small businesses do not need to use seven accounts when keeping their own accounting. It would be beneficial for them to use six accounts directly. At the end of the period, profit and losses are seen at any time without making reflection records.

Record Screen

The purpose of making reflection account definitions is to not be able to close many auxiliary accounts opened under seven accounts. For example, reflection account definitions are made using 761 instead of 760 and 661 instead of 660.

After the reflection records are made, the business will make quarterly tax payments as a result of the end-of-period profit and loss account. A provisional tax payment will also be made. Provisional tax is twenty percent of the profit.

Reflection Afterwards, closing definitions of accounts are made once at the end of the year, they cannot be made at the end of each period or every three months. After the closing of the six accounts, the period profit and loss are transferred to the 590th Period Net Profit account and converted into the balance sheet.

Note:To get detailed information about the balance sheet, you can read our article called "Balance Sheet".

Tips

Record was not found

Feedback

Did you find this content helpful?

Please Write Your Feedback!

Name*

Last Name*

Email *

About Workcube Objects

Reflection Accounts Closing Definitions

It is used to make reflections at the end of the period by making closing definitions of reflection accounts.

Type: Param Version: Catalyst v7 Licence: Standard Author: Workcube Core