Period Closing (GL199)
Run Period Closing (GL199) to close a Lawson General Ledger accounting period after you post all the journal entries for the period. You can close periods for a company or company group.
Before you close a period, make sure that you release all unreleased journal entries and post all released journal entries. No open transactions can exist in the period you are closing, including quick-posted journal entries and journal entries created by Currency Revaluation (GL191) and Transaction Calculation (GL195) for currency gains and losses.
If you have closing control selected for a subsystem, you must close the subsystem before you can close the general ledger accounting period.
Processing Effect
When a period is closed, the program:
- Creates automatic reversing journal entries for transactions defined as Auto Reverse = Yes.
- Marks the period closed.
- If you are closing the current period, the current period number is incremented by one.
When you close the last period of a year the following year-end processing occurs in addition to the actions listed above.
- Computes beginning balances for all following year balance sheet accounts.
- Closes income statement accounts to retained earnings.
- Generates a report of all closing transactions. Any adjusting entries on subsequent year-end closes are designated with an asterisk.
- Creates a journal entry of all closing transactions. The journal entry is normal, assigned number 1 and period 99.