Fiscally close years
When a fiscal year is complete, you must fiscally close the periods that it comprises to make sure that no more general ledger entries can be posted.
Before fiscal closing is allowed, the following actions must be ensured:
- The fiscal year is closed first. Learn more in Close Years.
- All journal lines that aren't posted for the year are either posted or deleted before the year is fiscally closed.
- All closing entries are up-to-date.
Process to fiscally close years
- Choose the
icon, enter Accounting Periods, and then choose the relevant link. Choose the Fiscally Close Year checkbox.
If more than one fiscal year isn't fiscally closed, the earliest one should be fiscally closed. A message appears that identifies the year that should be closed and explains the consequences of closing it.
To fiscally close the year, choose the Yes button.
When the fiscal year is fiscally closed, the Fiscally Closed field for all the periods in the year is selected. The fiscally closed year can't be opened again, and you can't clear the Fiscally Closed field.