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Hi Ravi,
All P/L accounts are nominal accounts they will be closed by
transferring to Income Statement at the end. Whereas,
Balance Sheet accounts their balances should be carried forward to the next
period. Regarding clearing accounts like
outstanding exp accounts i.e current liabilities accounts will be closed by
making payment, that's why only balance sheet
accounts we maintain on open item basis.
I think this might be helpful to you,
Regards,
Sadanand K.
| | | ---------------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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