Closing a Year End

Overview

Closing Periods within a Fiscal Year are performed via the Create GL Monthly Summaries link.  The prerequisites to perform a final close are the following:

  • Run the Year-end P&L Closing Accounts query located in the Accounting / General Ledger Workspace.  Update these as necessary and make sure all Income and Expense Accounts have closing accounts.
  • Run the Fiscal Period Definitions query to confirm that Fiscal Periods 1-12 are marked as Mostly Closed and are flagged as Posting Prohibited.
  • Review all trial balance reports.

When Periods 1-12 are all marked as “mostly closed” and all reports are accurate, the processing order to a Final Closer are:

Run a Soft Close for the last period of the Fiscal Year (if not previously done).

  1.  Click on Create GL Monthly Summaries.
  2. Select a Fiscal Year.
  3. Select an Accounting Period.
  4. Click Add GL Monthly Summaries.

Run a Final Close for the last period of the Fiscal Year.

  1. Click on Create GL Monthly Summaries.
  2. Select a Fiscal Year.
  3. Select an Accounting Period.
  4. Toggle Final Close? to Yes.
  5. Click Add GL Monthly Summaries.

Zero P&L Accounts for the last period of the Fiscal Year.

  1. Click on Create GL Monthly Summaries.
  2. Select a Fiscal Year.
  3. Select an Accounting Period.
  4. Toggle Zero P&L Accounts? to Yes.
  5. Click Add GL Monthly Summaries.

Run a Soft Close for the first period of the new Fiscal Year.

  1. Click on Create GL Monthly Summaries.
  2. Select a Fiscal Year.
  3. Select an Accounting Period.
  4. Click Add GL Monthly Summaries.