Close Year (tfgld6203m000)

Use this session to close a fiscal year so that the data of that year can be used to determine the final opening balance sheet for the new fiscal year.

The Close Year (tfgld6203m000) session performs the following checks:

  • No non-finalized batches exist for the year that you close
  • The Automatic Balancing of Profit and Loss Accounts (tfgld6202m000) was successfully completed
  • All the periods have the Finally Closed status
Process

LN executes the following steps:

  • create the opening balances for the new year
  • change the current fiscal year to the next year

When a year is closed, no further financial transactions can be entered or modified for that year.

 

Company

The current company number for which the session is carried out.

Current Fiscal Year

The current fiscal year.

Next Fiscal Year

The next fiscal year.

Transaction Type

Enter a transaction type of the type Opening Balance, to create opening balances for the next fiscal year.

Allowed values

Select a transaction type of the type Opening Balance.

Transaction Type

The description of the transaction type.

Statutory document

The document number of the statutory opening balance.

Default value

The first free document number.

Complementary document

The document number for the complementary opening balance.

Default value

The first free document number.

Transaction Entry Date

The transaction date. Usually, this date matches with the document date.

Default value

The current date.

Document Date

The document date.

Default value

The current date.

The date on which the document is created for the final amounts of the current year transferred to the opening balance of the new fiscal year.

Fiscal Period

The fiscal period for which you want to close the fiscal year.

Default value

The fiscal period based on the entered transaction date.

Reporting Period

The reporting period for which you want to close the fiscal year.

Default value

The reporting period based on the entered transaction date.

Tax Period

The tax year for which you want to close the fiscal year.

Tax Period

The tax period for which you want to close the fiscal year.

Transaction Reference

The reference linked to all the transaction lines.

Batch Reference

The batch reference.