Close GL Period and Year

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.

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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.

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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.

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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.