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Account Transfer - End of Year Procedures in Portugal

The Account Transfer feature in Standard ERP:
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In Portugal, you should use the Account Balance Transfer feature to post your year-end results. This is a six-stage process as follows:

  1. The total operation results from Expense and Income Accounts for the year should be posted to an intermediate operation result Account (an Income Account);

  2. The total financial results from Expense and Income Accounts for the year should be posted to an intermediate financial result Account (an Income Account);

  3. The total extraordinary results and profits from Expense and Income Accounts for the year should be posted to an intermediate extraordinary result Account (an Income Account);

  4. The combined operation and financial results from the two intermediate Accounts (steps 1 and 2) should be posted to the Current Results Account (an Income Account);

  5. The extraordinary results from the intermediate Account (step 3) and the current results (step 4) should be combined and posted to an Account for results before taxes (an Income Account);

  6. The results before taxes (step 5) and the taxes should be combined and posted to the Net Result Account (an Equity Account).
You should enter separate records in the Account Transfers setting for each of these steps. At the end of a year, you should run the 'Account Balance Transfer' Maintenance function six times, once for each record in the setting and strictly in sequence, to post the year-end results correctly.

It is recommended that each record in the Account Transfers setting should create a Simulation. If you then make a mistake in the sequence, you can delete the Simulations created so far and start again.

The first three records in the sequence should create Simulations with the "Year End Stage 1" Status. The final three should create Simulations with the "Year End Stage 2" Status. After creating the Simulations, you should print the Analytical Balance report once excluding Simulations, once including "Year End Stage 1" Simulations and once including "Year End Stage 1" and "Year End Stage 2" Simulations, to check the results are correct and to keep a record for official purposes. The report period should be the last month in the financial year. Finally, if you need the result transferred to the following year, you can create Transactions from the six Simulations by highlighting them in the 'Simulations: Browse' window and selecting 'Create NL Transactions' from the Operations menu (Windows/macOS) or Tools menu (iOS/Android).

Illustrated below is the first of the records in the Account Transfers setting:

The first row will calculate a total balance for the Accounts between 61 and 6799999999 (i.e. costs) and post that balance to Account 811. The second row will do the same for the Accounts between 71 and 7699999999 (income). Because the Simulation Type in each row is "Year End Stage 1", the balances that will be transferred will be calculated from Transactions only (i.e. these balances will be "actual" balances).

The rows in the resulting Simulation will each have the Status "Year End Stage 1":

The second and third Account Transfer records should be similar. The Simulation Type should be "Year End Stage 1" and therefore they will calculate "actual" balances from Transactions that post to the relevant Accounts.

The rows in the fourth Account Transfer record should have a Simulation Type of "Year End Stage 2":

This will calculate a total balance for the Accounts between 811 and 821 and post that balance to Account 831. Because the Simulation Type is "Year End Stage 2", the balances that will be transferred will be calculated from Transactions (i.e. "actual" balances) and from Simulations whose Status is "Year End Stage 1" or "Year End Stage 2" (i.e. the Simulations created from the first two Account Transfer records).

The rows in the resulting Simulation will have the Status "Year End Stage 2":

The final two Account Transfer records should be similar. The Simulation Type should be "Year End Stage 2" and therefore they will calculate balances from Transactions and from "Year End Stage 1" and "Year End Stage 2" Simulations that post to the relevant Accounts.

Having used the 'Account Balance Transfer' Maintenance function to create Simulations from the six Account Transfer records strictly in turn, you should print the Analytical Balance report excluding all Simulations. You should choose With Group Accounts as the Presentation option, and the period should be the last month in the financial year. This will show the operation, financial and extraordinary results and profits (Accounts in Groups 6 and 7):

The Analytical Balance report including "Year End Stage 1" Simulations will show that the operation, financial and extraordinary results and profits have been moved to the intermediary Accounts (Accounts in Group 8):

Finally, the Analytical Balance report including "Year End Stage 1" and "Year End Stage 2" Simulations will show the net results have been moved to the Net Results Account (Account 881):

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