Difference between revisions of "Close GL Period and Year"
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'''Default Menu Location''' Transaction >> General Ledger >> Close GL Period/Year | '''Default Menu Location''' Transaction >> General Ledger >> Close GL Period/Year | ||
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'''Function''' The Close GL Period and Year screen is used to close a period, year or to re-close prior year. The Current GL Period and Current GL Year are stored in the CID record and are automatically loaded onto the screen. | '''Function''' The Close GL Period and Year screen is used to close a period, year or to re-close prior year. The Current GL Period and Current GL Year are stored in the CID record and are automatically loaded onto the screen. | ||
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Closing a Period changes the current fiscal period. You can still post entries into a closed period that is not locked. | Closing a Period changes the current fiscal period. You can still post entries into a closed period that is not locked. | ||
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Closing a Year will move the fiscal year's profit/loss into the Retained Earnings account that's listed on the [[Company ID Maintenance]] screen. | Closing a Year will move the fiscal year's profit/loss into the Retained Earnings account that's listed on the [[Company ID Maintenance]] screen. | ||
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Revision as of 16:22, 31 December 2024
General Information
Default Menu Location Transaction >> General Ledger >> Close GL Period/Year
URL GLClose_S.htm
Function The Close GL Period and Year screen is used to close a period, year or to re-close prior year. The Current GL Period and Current GL Year are stored in the CID record and are automatically loaded onto the screen.
Closing a Period changes the current fiscal period. You can still post entries into a closed period that is not locked.
Locking a Period prevents any batches from being posted into that period.
Closing a Year will move the fiscal year's profit/loss into the Retained Earnings account that's listed on the Company ID Maintenance screen.
FAQ
Q: Can you post batches into a period that's been closed.
A: Yes, you can post batches into a closed period as long as the period has not been locked.
Q: Once a period is locked, can it be unlocked?
A: Yes, go to the Company ID Maintenance screen and click the Fiscal Calendar tab. Click EDIT and then uncheck the Locked box for the corresponding period.
Q: What kind of journal entry does 'Close Year' make? Does it have to be posted?
A: It moves the year's profit/loss into Retained Earnings. The entry is automatically created and posted.
Q: Oh no, I closed the year, and I forgot to make one last journal entry! What do I do?
A: First, calm down. Second, unlock whichever period you need to make an entry in and enter/post the journal entry. Then come back to this screen and click the Re-Close Prior Year button.