Account Types

There exist several types of accounts:

•      Accounts related to the assets or related to the liabilities,

•      Accounts related to the expenses or to the revenues,

•      Special accounts, to be used in the framework of the cost accounting system.

During the annual closing procedure, the accounts are opened in the new fiscal year by a residual reversal transaction, for a value equal to the residual at the end of the preceding fiscal year.

Any current account is set to zero at the beginning of the new fiscal year.

Any exceptional account is balanced by a transaction toward a current account (via the Cost centre closing function)