Closing a period

Closing an accounting period is required only if you elected to use closing control in General Ledger. If you are using closing control, you must close your Accounts Payable period before you can close General Ledger. The closing control option is defined in System Control (GL01.1). Use this procedure to close an accounting period.

Before running the period close program, complete the required preparation steps to ensure that your data is ready to be closed. Preparing for period or year-end closing

Close an accounting period

  1. Use Period Closing (AP195) to close an accounting period.
  2. Specify this information:
    Period

    Specify the general ledger accounting period for which you are processing the accounts payable closing. You define periods on Company (GL10.1).

    Year

    Specify whether the period selected is in the current or next general ledger fiscal year.

    Update Unreleased Invoices

    Specify whether you want to automatically update unreleased invoices with a new posting date. If you have any unreleased invoices with a posting date in the period you are closing, you must do one of these:

    • change the posting date to a future period by selecting Yes in this field and running this program,

    • change the posting date to a future period manually using one of the invoice entry forms, or

    • release the invoices and run Invoice Distribution Closing (AP175).

    Update Unapproved Invoices

    Specify whether you want to automatically update the posting date on unapproved invoices from PO to allow AP period closing to occur.

  3. Use Journal Posting (GL190) to post Accounts Payable journal entries to General Ledger.
  4. Use Invoice Accrual Reconciliation (AP136) to reconcile to General Ledger. This program lists the difference between what has been paid (using AP170) and what has been expensed (using AP175).

Related reports and inquiries

To Run
List released invoices for a vendor group, pay group, or invoice company to review invoice totals and details for accuracy Open Payable Report (AP230)
Create an aged trial balance report for a company, pay group, or vendor group to forecast cash requirement needs Cash Forecasting (AP250)
List invoice transactions that make up your invoice accrual account balance as of the date you specify Invoice Accrual Reconciliation (AP136)
List invoice payments Cash Payment Register (AP265)
List historical invoice distributions processed by Invoice Distribution Closing (AP175) for a company Invoice Distribution History (AP275)
List general ledger postings broken down by accounting unit and account Departmental Procurement Expense Report (MM280)
Audit posted transactions by period for a specific accounting unit and account Departmental Procurement Expense Inquiry Selection (MM80)