Close Tax Book Calendar – A summary of the activity

This activity allows you to close the calendar for a tax book. A tax book is closed to retrieve financial statements. To ensure consistency of data and to avoid the manipulation of the data a tax book is closed before retrieving the statements for statutory purposes. Tax entries cannot be posted in the tax book after the tax period / year has been closed. You can close a tax period / year provisionally or finally. The closing balances in all the accounts will be transferred as the opening balances of the subsequent “Open” Tax Period / year. The system also calculates and stores the retained earnings in the base currency of the company. This activity also allows you to view the status of the tax year and the closure status of the tax period.

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