About closing a year

As part of the year-end closing process, you must run Period Closing (GL199) for the last accounting period of the fiscal year. In addition to performing all of the period closing functions, this program does these processes at year-end:

• rolls account balances so that current year balances reside in last year and last year balances reside in previous year

• calculates beginning balances for the new year for all balance sheet accounts

• creates consolidation records for the new year

• moves current year period ending dates to last year and next year period ending dates to current year

• calculates period ending dates for the next year

• creates a closing entry with a status of History in period 99 that transfers the balance in the undistributed retained earnings account to retained earnings

  You can keep history for an unlimited number of years as long as you have space available. See Deleting General Ledger history.

When current year balances become last year balances, the last year balances are still available by using the previous year data dictionary names in the Report Writer application.