General Ledger Year Close

Menu Path: General Ledger Posting and Period Controls General Ledger Year Close

Purpose

• Close a general ledger accounting year.

• Validate that all periods for the year are closed.

Overview

Use General Ledger Year Close at the end of the accounting year to close the year.

Closing General Ledger Years

To close a general ledger year:

1. If your company uses consolidation ledgers, verify the ledger ID for which you want to close a general ledger year is entered in the Ledger ID field.

2. Click the Lookup button for the Year field, and select a year you want to close.

3. Click the OK button in the ribbon. The Confirm G/L End of Year dialog box appears, and asks you to confirm whether you want to close the year.

4. Click the Yes button. The software validates that all general ledger accounting periods for the year are closed.

Note You must use General Ledger Year Create to open a new general ledger year.

Note With proper security authorization, you can continue to post transactions against the year by selecting the year as the accounting year for your transaction. This applies to all areas of the system including accounts payable, accounts receivable, and the general ledger. The authorization for posting to prior years is defined in User Profile Maintenance.

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