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Hello Charan,
Open item management is not allowed for P & L accounts as open item
management actually makes no sense for P&L accounts. They will clear at
year end when you roll them up into the retained earnings account(s).
The balance sheet accounts for accruals should be maintained on an open
item basis (with line item display) so that accruals and reversals can be
matched off and cleared because these accounts are not cleared down to nil
at year end, so you need to avoid building up balances over years and you
need to be able to decompose the year end balance for audit purposes.
| | | ---------------Original Message---------------
From: Charan Yandamuri
Sent: Sunday, October 30, 2011 9:17 AM
Subject: Open Item Management for P/L Accounts
HI All,
Can you please let me know why open item management is only possible for
balance sheet accounts, and why not for P/L Accounts.
Thanks & Regards,
Ravi Kanth |
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