General Ledger Period Close

Menu Path: General Ledger $Images\bluerarw.gif$ Posting and Period Controls $Images\bluerarw.gif$ General Ledger Period Close

Purpose

Close open general ledger periods, preventing additional posting.

Overview

Use General Ledger Period Close to close general ledger periods. You can have as many open general ledger accounting periods as you want. All periods are originally open by default.

Note To close a general ledger period, the respective accounts receivable, accounts payable, and inventory period must be closed.

Closing General Ledger Periods

To close general ledger periods:

If your company uses consolidation ledgers, verify the ledger ID for which you want to close periods is entered in the Ledger ID field.
Click the Lookup button for the Year field and select a year for which you want to close periods.

Note You can only change the year if the Allowed to Access All Years check box is selected in User Profile Maintenance.

Select the Close check box for periods you want to close.

Note You cannot close any periods that have unposted journal entries.

Click the OK button in the ribbon. The selected periods are closed, and no longer can be selected for general ledger transactions.

Note Closing all periods in a year does not close the year. You must use General Ledger Year Close to close a year.

Ribbon Home Tab Buttons

Button	Description
Exit	Click this button to close the General Ledger Period Close window.
OK	Click this button to close the selected period(s). A warning message displays if there is any open activity for the selected period(s). A warning message also appears if any recurring journal entries were scheduled to be made for the period(s) you want to close.

General Tab Fields and Buttons

Field or Button	Description
Current Period	This field displays the current accounting period.
Year	Click the Lookup button to select the accounting year for which you want to close periods. This defaults to the default current year. Note You can only change the year if the Allowed to Access All Years check box is selected in User Profile Maintenance.
Ledger ID	Enter a ledger ID for which you want to close periods, or click the Lookup button to select a ledger ID. Note This field is only available if at least one consolidation ledger is set up.
Periods	These fields display the defined accounting periods.
Status	These fields display the status (CLOSED or OPENED) of each period.
Close	Select this check box for periods you want to close. This check box is only available for periods that are open for the selected year. This check box is not available for the current period. Note You cannot close periods for which there is open activity.