Period and year end close

The process of closing an asset period includes these actions:
  • Releasing asset records
  • Calculating current period depreciation
  • Reconciling asset records
  • Backing up data
  • Posting current period depreciation.

Year-end closing is performed at the end of your company's fiscal year. Before you can conduct year-end closing, you must finish adding, adjusting, transferring, and disposing of asset records.