How do I close year-end in General Ledger?

How do I close year-end in General Ledger?

Closing the year-end is a step in the Year-end Checklist.

When you are done with the last month of the year, your ready to close the year end.  Closing the year-end is a "soft close", which means Connect will add one year of future dates and you can still enter transactions in the closed year.  After you've entered the audit entries and all of the work in the closed year is finished, it's time to close period. Running the Close Period routine is a "hard close" and you won't be able to make any changes to the periods up to and including the closed period.


To close year-end, follow these steps:

- Go to General Ledger.

- Go to Organization | Close Year End under the Miscellaneous section.

- Verify that the fiscal year is going to be correctly incremented.

- Click Go.


To close periods in the closed fiscal year, follow these steps:

- Go to General Ledger.

Go to Organization | Close Period under the Miscellaneous section.

Change the Period to "14/YY" (YY is the year that you are closing - 14/19).

Click Go.

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