This document explains how to close the fiscal year in the General Ledger definitively to prevent unauthorized entry of transactions in closed periods.
The fiscal year is closed, and no more transactions can be entered for that year. The date ranges of FAM functions cannot be changed to include dates of the closed year.
If it is the first time a year was closed, all previous years are also closed.
Once the year is closed, verify that the financial system is configured for the new fiscal year.
The master table containing data of closed years (FGLCLS) is updated.
Start ‘Fiscal Year. Close Definitively’ (GLS985/B).
Select option 11=’Close year’ for the year to close.
The program validates that the previous year is closed. If the year is open, you will not be able to close the current year. However, the first time the program is run, the user is allowed to close any year.
Next, a validation is made to ensure that all FAM functions have a start date that is past the end date of the fiscal year to close.
Select one of the following alternatives: