Close Fiscal Year Definitively

This document explains how to close the fiscal year in the General Ledger definitively to prevent unauthorized entry of transactions in closed periods.

Outcome

The fiscal year is closed, and no more transactions can be entered for that year. The date ranges of FAM functions cannot be changed to include dates of the closed year.

If it is the first time a year was closed, all previous years are also closed.

Once the year is closed, verify that the financial system is configured for the new fiscal year.

The master table containing data of closed years (FGLCLS) is updated.

Before you start

  • The date ranges for the FAM functions must be adjusted so that the start date is set past the last day of the fiscal year to close. You change the date ranges for all FAM functions by module in ‘Period. Open for Transaction Entry’ (GLS990) or for an individual FAM function via ‘FAM Function. Open’ (CRS405).

Follow These Steps

  1. Start ‘Fiscal Year. Close Definitively’ (GLS985/B).

  2. Select option 11=’Close year’ for the year to close.

    The program validates that the previous year is closed. If the year is open, you will not be able to close the current year. However, the first time the program is run, the user is allowed to close any year.

    Next, a validation is made to ensure that all FAM functions have a start date that is past the end date of the fiscal year to close.

  3. Select one of the following alternatives:

    • If you receive a message that the date ranges of a FAM function is incorrect, change the date ranges (see the Before Starting section). Then repeat this instruction from step 1.
    • If you receive a warning message that the year will be closed definitely, click OK to continue. A new dialog box is then displayed, repeating the question. If you agree to close the year, click OK.
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