Overview of Common EMEA Year-End Close Business Reporting

Many countries follow specific procedures to generate journal entries to close and open fiscal years. These year-end entries apply to both income statement and balance sheet accounts.

Auditable closing procedures vary based on country's reporting requirements and an organization's business needs.

You can run two processes for year-end closing journals. These processes close the selected accounts by putting the sum of the debits in the credit and conversely. For many European countries, including Italy, Spain, France, Belgium, Netherlands, and Luxembourg, the accounts must be closed by recording the difference between the total debits and total credits.

Poland is different and requires year-end income statement as a net closing journal and balance sheet closing journal to be in accumulated balances.

The closing journals processes meet the Italian and other European countries legal requirements.