Close/Finally Close Accounting Period Main Calendar

Explanation

Use this activity to close or finally close an accounting period in the main calendar. You can close a General Ledger (GL) period or an Internal Ledger (IL) period, or both. If you want to close an IL period, the corresponding GL period must be closed first.

Prerequisites

Before the accounting period is closed, the following must have been completed:

• There must be no vouchers for the accounting period in the hold table.
• If you are going to close an IL period, the corresponding GL period must be closed first.
• If the accounting journal for the year being closed is sorted by sequence number, all voucher rows should have a journal ID and sequence number.

Before an accounting period can be finally closed, the following should have been completed.

• It must have the status Closed.
• It should not have transactions in progress which generate errors in the Validation Transactions in Progress window.
• If the period is an ordinary period, all previous ordinary periods must have been finally closed.
• If the period is an year opening period, the previous year should be closed or finally closed.
• If the period is a year closing period, then all ordinary periods in the same year as well as the year opening period must be finally closed.

System Effects

As a result of this activity, the period is closed for all user groups. This means that no postings can be entered in the accounting period. The program checks that all the period transactions are updated. If there are vouchers in the hold table, they must be updated before the period can be closed. You can reopen a closed period to enter additional vouchers in it. The new transaction can affect the period reconciliation.

Once an accounting period has been finally closed it cannot be reopened.

Window

Accounting Periods

Related Window Descriptions

Accounting Periods, Validation Transactions in Progress

Procedure

Use the following procedure to close the accounting periods in the main calendar:

1. Open the Accounting Periods window.
2. Find the accounting period you want to close or finally close.
3. Select the period, right-click and then click Close GL Period or Close GL Period Finally, as required. This will open the Validation Transactions in Progress window.
4. In the Validation Transactions in Progress window, if there are no transactions which generate errors, click Close GL period or Close GL Period Finally, as required.
5. Save the information.