Closing an accounting period

Specify or select a ledger and a company or a company group.

If you select a company group, all the companies in the company group must be associated with the ledger.

Select the period you want to close and the fiscal year for that period. If you leave this field blank, the current period and year defaults. If you opened a previous period for backposting, ensure you select that period here instead of accepting the default.

These rules apply to closing periods:

• You must close periods consecutively.

• You cannot skip a period when closing.

• You cannot close a future period.

• There cannot be unprocessed, unreleased, released, or quick-posted journal entries for the period you are closing.

Select a period closing option. These options are available:

• Select Limited Close to be able to backpost to a period after closing.

• Select Next Year Beg Bal to calculate beginning balances for next year at any time during the current fiscal year. This option only updates balances in the next year and does not perform any closing activities.

• Select Final Close if you do not want to be able to backpost to a period after closing. You can select this option only once each period. You cannot close the final period in the current year until the last year is at Final Close status.

Select whether to final close all of the last year periods. Note: Fiscal Year, Period, and Closing Option fields must be blank to close out last year.