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Revenue account closings are the process of, at the end of an accounting period (usually month or year), the balances of all revenue accounts obtained by the business in that period are reset to zero and transferred to the 690 Period Profit or Loss account.

In the accounting system, revenue accounts are in the class of temporary (periodic) accounts. In other words, they must be closed at the end of the period in order to start each new period with a zero balance and to be able to measure the profit/loss situation of that period alone.

What are Workcube Income Account Closings?

In the Finance-Accounting family, temporary income and expense accounts (in the Uniform Chart of Accounts) at the end of the financial period. It is a critical end-of-period transaction screen that enables the calculation of period net profit or loss (690 Period Profit or Loss Account) by resetting the balances (6xx accounts).

In the Workcube architecture, this screen is directly integrated with the general ledger records. First of all, "Income Statement Closing Definitions" must be made. It automatically analyzes the debit and credit balances within the date range specified by the users, lists the debtor and creditor account groups, and produces the accounting voucher (Settlement Voucher or Closing Voucher) with a single click and records the closing entries in the journal. In this way, manual calculation errors are prevented and period closing processes are completed in minutes instead of hours.

The Importance of Closing Income Statement Accounts for a Business

Correct closing of income statement accounts at the end of the financial period is not only a legal obligation, but also vital for the business management to analyze its financial situation correctly:

Tax and Legislation Compliance: In accordance with the Tax Procedure Law (VUK) and Turkish Accounting Standards (TMS), income and expense accounts must be closed at the end of the period and the net profit/loss of the period must be reflected.
Operational Speed and Automation: Instead of closing hundreds of sub-accounts one by one with manual vouchers, Workcube automatically prepares the closing voucher by scanning the balances in seconds.
Financial Statements. Accuracy: Performing the error-free process of zeroing the income statement accounts and transferring them to the balance sheet ensures that the asset-liability balance and the equity change table are formed correctly.
Internal Audit and Control: It completely prevents balance shifts and incorrect account matching that may arise from manual voucher entries.

Closing Income Statement Accounts Life Cycle and Process Flow

The steps of the process from start to finish are shown below, together with the integration points within the system:

Stage	Module / Screen	Process / Document	Description
1. End of Period Preparation	General Ledger / Trial Balance	Trial Balance and Account Controls	Before closing, it is checked that all receipts are processed and period-end adjustment records such as depreciation and exchange rate differences are completed.
2. Determining Date and Filter	Accounting Transactions / Income Statement Closing	Date Range Filter	The start and end dates of the period to be closed are entered and listed.
3. Withdrawal of Balances and Matching	Income Statement Closing Screen	Debtor / Creditor Account Group Lists	Displays the account balances on the specified dates according to the debit/credit status and automatically selects the account codes to be closed. throws.
4. Receipt and Date Parameters	Income Statement Closing Screen	Receipt Type and Transaction Date Entry	Type of document to be created (Offsetting or Closing) and official accounting date is selected.
5. Voucher Creation and Approval	Accounting Transactions / Voucher List	Offset / Closing Voucher (Automatic Recording)	By pressing the 'Save' button, the closing voucher for the relevant period is automatically created by the system.

What Should Be Considered When Managing Income Statement Closing Procedures?

A. Period-End Adjustment Records Must Be Completed

Before the income statement accounts are closed, all expense accruals, depreciation allocation transactions, exchange rate difference valuations and stock costing (inventory) transactions for that period must be completed and accounted for. Otherwise, the closing slip will be issued with missing balances.

Workcube Tip: Before starting the closing process, check the balances of the 6-group accounts on the Workcube Trial Balance screen. Make sure that the undistributed or incomplete group of 7 cost accounts are reflected in the group of 6.

B. Choosing the Correct Receipt Type and Date Consistency

When selecting the receipt type in the system, the purpose of the operation should be taken into consideration. While Offset Voucher is generally preferred during provisional tax periods, Closing Voucher should be preferred in final closing transactions at the end of the year and completely resetting the accounts. The last day of the period (for example, 31.12.2027) should be selected as the transaction date.

C. Accuracy of Counter Account Matching

The resulting accounts to which debit and credit accounts will be transferred (for example, 690 Period Profit or Loss account) must be correctly defined in the system. Incorrect account code redirection will cause the income statement and balance sheet to produce incorrect results.

Workcube Tip: Check the automatic codes in the 'Income Statement Account to be Closed' column on the screen.

D. Preventing Post-Closing Record Entry

After the closing slip is issued, no document entry or accounting slip for the past period should be cut. If a retrospective entry is made, the closing voucher must be canceled and re-issued because the balances of the closed accounts will change again.

Closing Income Statement Accounts Function in the System

The screen lists the balances of the debit and credit accounts in the period-end transactions and makes them ready for the journal entry by matching the counter accounts to be closed. The functional solution of the areas on the screen is as follows:

Screen Area / Component	Examined Sample Data / Parameter	Function in the System and Importance
Start & End Date	01/01/2027 - 31/12/2027	Accounting transactions that will be subject to closing will be scanned Specifies the date range. They are generally full fiscal year or quarterly provisional tax periods.
Debtor Account Group Table	600.01 Domestic Sales (Those Giving Receivable Balance)	Receivable under normal conditions It shows the revenue accounts that have a balance and need to be debited in order to be closed, their current balances and the reflection/result account to be closed.
Creditor Account Group Table	621.01 Cost of Commercial Goods Sold (Debit Balance). Issuers)	Lists the expense accounts that normally give a debt balance and need to be credited in order to be closed, their current balances and the counterpart account to be closed.
Voucher Type Selection	Offsetting Voucher or Closing Voucher	Determines the type of accounting voucher to be created. Generally, Offsetting Voucher is preferred for in-period reflections, and Closing Voucher is preferred for final closings.
Transaction Date	31/12/2027	The official accounting of the journal voucher to be created. is the date of registration.

Income Account Closures Job Functions and Implementation Steps

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Income Statement Closure Definitions / account.account_closed_definition Param Wiki

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About Workcube Objects

Income Account Closures

After the reflections are made, a receipt is issued so that the balance of the income statement accounts is recorded in reverse. If a loss occurs as a result of the receipts through this business function, it is recorded in the 690 Period Profit or Loss account.

Type: WBO Version: Catalyst v2 Licence: Standard Author: Workcube Core