Global Ledger period and year close

When you create an accounting entity, you are required to provide the close configuration years for Prior Year,

Current Year, and Next Year. You can create close configuration records for future years. See the Financials Setup and Administration Guide to create close configuration years. Adding an accounting entity to a basis creates the entity ledger period records. Records are crated for all years currently in the close configuration that is assigned to the accounting entity. When you close the last period of the current year for the core ledger, Next Year entity ledger period records are created.

Periods must be defined in close configuration for the close process to create entity period records. For example, when period 12 for the core ledger for 2018 is closed, 2018 calendar period records must exist. The closed period creates the 2018 entity ledger period records. If the close configuration records must be created for future years, then run accounting entity period rebuild on the Utilities menu.

If your organization uses subsystem control, we recommend that you close the subsystems in this order: