OVERVIEW

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Introduction
 
Multiple Years can be Open at any point in time to accommodate the declaration of audited results.
 
The Year Closing / Clear down Facilitates the following

• Year Closing
• Year / Period Locking
• Freezing Accounts
• Entering Opening Balances for a Year

 
 
Year Closing
Transfers balances from the Closing Year to the Next Year (defined in the Year Closing Parameter)
 
Year closing (Preliminary Closure) is immediately necessary when a new financial year commences, because closing balances of the old year, have to figure as ,opening balances in the new year.
 
Finalization of accounts for the old year is an ongoing process and will occur only after a few months.
 
Once the finalization of accounts is complete for the Old year
                                                the closure done earlier (Preliminary Closure) can be reverted
                                                the finalization entries passed in the Old year
                                                the closure of the old year can be re-done.
 
Year Closure is achieved in in three distinct phases

• Prepare
• Closure
• Playback of Allocations reverted in the New Year

 
List of Facilities

Year Closing Menu

Close Year (FA26)

Defaults for Analysis Codes (FA28)

Register Year End Run Parameter (FA31)

Year Closing Process (FA34)

View Year Closing Progress Messages (FA37)

Opening Balance Entry (FA36)

Open Item Control Accounts (F3SL)