Closing the Year

Once a year, depending on your business's fiscal year, you will need to close the year. It is a similar process to closing the period. This procedure will detail how to close the year.

To close the year

  1. Access Period Closing Report (AR199).
  2. Run this report at the end of your fiscal year. The closing rolls each period in the current year's period billed, chargebacks, credits, write-offs, and paid to last year; moves any value for the next year to the first period; and moves the year-to-date Invoice Payment Average (IPA) and Days Beyond Terms (DBT) totals to last year to update customer statistics. Use the following guidelines to enter field values:
    Period

    Select the general ledger period to be closed. Valid values are 1 through 13. If left blank, the current period defaults.

    Year

    Select the fiscal year of the general ledger you want close.

    Print Credit Balances

    Select Yes if you want to list customers that have a credit balance, including a credit balance total for the company. The total can be used as an amount to be recognized as a liability, typically for year-end financial reporting.

    Year End

    Select Yes, to process the report for year end. This rolls the ending balance to beginning balance for Year, as well as, period on Audit Summary (AR194).

    Note: When closing the last period of your fiscal year, select the Year End option along with the period close.
    Note: AR199 should not be run twice at year end.