Difference between revisions of "End Year Close"
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=== Introduction === | === Introduction === | ||
| + | The "Close Year" process allows to close a fiscal year. This process also permanently closes all the periods of the year (standard ones and adjustment one). | ||
| + | It is important to remark that it is not required to close the standard periods of a year prior closing that year, however it can help to keep tracking of the periods of the year already reviewed and closed. | ||
| − | + | The close year process requires that the next year exists and its first period is opened. | |
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| + | Once a year is closed, the status of that year and all its periods can be reviewed in the Open/Close Period Control window. | ||
| + | As already mentioned, all the periods of the year are now shown as "Period Status"="Permanently Closed", that means that it is not possible to post any transaction within that year anymore unless the Undo Close Year process is run for that year. | ||
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| + | "Close Year" process creates the following accounting entries: | ||
=== End Year Close === | === End Year Close === | ||
Revision as of 18:09, 16 November 2021
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Introduction
The "Close Year" process allows to close a fiscal year. This process also permanently closes all the periods of the year (standard ones and adjustment one).
It is important to remark that it is not required to close the standard periods of a year prior closing that year, however it can help to keep tracking of the periods of the year already reviewed and closed.
The close year process requires that the next year exists and its first period is opened.
Once a year is closed, the status of that year and all its periods can be reviewed in the Open/Close Period Control window. As already mentioned, all the periods of the year are now shown as "Period Status"="Permanently Closed", that means that it is not possible to post any transaction within that year anymore unless the Undo Close Year process is run for that year.
"Close Year" process creates the following accounting entries:
End Year Close
Template:ManualDoc:T97E1F35BE08840AFB1DA4FE66D329542
Accounting
Template:ManualDoc:T6A77F910DAF24EA8BE7FF3F5084FED67
Full list of End Year Close window fields and their descriptions is available in the End Year Close Screen Reference.
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