Procedures in this chapter

This chapter covers two important processes: closing a period and closing a year. Use the procedures in this flowchart to close a period.

Preparing for period closing	Before closing a period, you should ensure that all journal entries have been posted appropriately to General Ledger and that any other required tasks, such as closing subsystems, have been performed. See Preparing for Period Closing.
Running standard financial reports	After posting all journal entries, run standard financial reports to provide a record of transactions and account balances for the period. See Running Standard Financial Reports.
Running currency reports	(Conditional) If a company uses currency exchange or currency translation, then you will use General Ledger programs to perform special period-end procedures. See Running Currency reports.
Closing 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. See Closing an Accounting Period.