What Happens When I Close an Accounting Period?

After you post all the journal entries for a period, you must close the accounting period for each general ledger company or company group. Run Period Closing (GL199) to close an accounting period; this program:

• creates automatic reversing journal entries for any transaction lines that have auto revers set to Yes on the detail (GLTRANS) records

• labels the period as closed

• increments the current period number by one

• changes the status of the header record for processed journal entries from Posted to Historical

• allows users to final close all periods in the last year for a company or company group. If a period in last year is not Limited Closed, then only the periods prior to that period will be Final Closed. If a period is Final Closed the program will move on to the next period.

  Note: You can close a period with a Limited Close or Final Close status. Closing a period with a Limited Close status allows future backposting. Closing a period with a Final Close status prohibits future backposting.