Close configurations

Close configurations are used to specify the period close dates for the finance enterprise group. An accounting entity must be associated with a close configuration and a year that is valid for the close configuration.

For each close configuration, you must specify the years for which the close configuration is valid. For each year, you must specify the period close dates that are valid for the year.

Although close configurations use periods that are defined in the finance enterprise group calendars, they are not tied to a specific calendar.

You have complete flexibility in creating close configurations:

• You can create multiple close configurations to meet the various reporting requirements of your organization. We recommend that you use the same close configuration for all accounting entities.
• You can select any of the calendar dates as period end dates for any of the finance enterprise group calendars.

  If Periods Are End Of Month is selected, then only month-end periods are available to select.

• You can also create one-off period close dates to meet one-off reporting requirements.

When you create a close configuration or when you modify close periods for general ledger, an alert message Run the Create Period Status action after creating periods is displayed. You must run the Create Period Status action for each close configuration that is created or modified. Records for the entity ledger period are created for accounting entities that references the close configuration that is created or modified. The alert is displayed until this action is run.