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 (tfgld6202m000) was successfully completed
- All the periods have the Finally Closed status
- If the auto balance method is Individual with Closing Balance, the balance of all ledger accounts must be zero
- If the auto balance method is Individual with Closing Balance, the ledger accounts for Opening Balance and Closing Balance must be specified in the Finance Company Parameters (tfgld0503m000) session.
Process
LN executes the following steps:
- If auto balancing method is not Individual with Closing Balance, creates the opening balances for the new year
- If auto balancing method is Individual with Closing Balance,
two journal vouchers are created per transaction currency:
- A journal voucher is created using the opening balance account as the contra account to balance the non Profit and Loss accounts. This journal voucher is a reversal of the journal vouchers created by the Automatic Balancing (tfgld6202m000) session for the non Profit and Loss accounts, only except for the Closing Balance account.
- A journal voucher is created automatically which balances the dedicated opening balance account of the journal voucher created in step 1 against the Retained Earnings account.
- 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.
Field Information
- 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.
- Description
-
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.