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This article describes the tasks that you typically complete when performing a period closing for General ledger.
In General ledger, you can complete closing procedures for a period or a year. Closing processes prepare the system for a new period. To prepare for a new year, you must run the year end close process. Each organization has different processes and steps that it performs for the end of a period. Here are some optional steps for period ends:
- Complete all the tasks for all other modules, such as Accounts receivable, Accounts payable, and Inventory.
- Verify that all journals are posted.
- Run foreign currency revaluation to generate any unrealized gain or loss amounts.
- Settle transactions for each ledger account.
- Process any required allocations.
- Manually post period-end adjustments.
- Journalize transactions, and review the Ledger journal report.
- Perform a consolidation by using a consolidation company or Financial reporting.
- Generate period-end financial statements by using Financial reporting.
- Set ledger periods to On hold, so that no further posting occurs. You can also restrict a period to a specific user group while period-end activities are occurring, for better control. Don't set periods to Permanently closed, because you can't reopen a period that you closed.
Use the Financial period close workspace to organize and track the tasks required for various period end processes.
For more information, see the following articles: