Use Period End Processing to close the current period and cycle the accounting period forward to the next period. Period-end processing is usually performed at the end of each accounting period, on the last business day of each month. Year-end processing takes place automatically when period-end processing is performed for the last period of the fiscal year.
Before You Begin
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Do not close a fiscal year until all adjustments are made and financial statements are produced. Because you can post transactions to future fiscal years, keeping the prior year open does not prevent normal processing.
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For more information about tasks that should be completed before you begin period-end or year-end processing, see Period-End and Year-End Processing Checklist.
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The reports and financial report groups to print during period-end or year-end processing should have already been selected in Period End Report Selection.
Use one of the following methods:
To perform period-end or year-end processing in the General Ledger, Accounts Receivable, Accounts Payable, Sales Order, Inventory Management, and Purchase Order modules
Note The number of years to retain transaction history after year-end processing is determined in the module's Options window.
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Select the module's Period End menu > Period End Processing.
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Verify that the correct period is displayed. If the correct period is not displayed, change the period in the module's Options window.
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Select the Print Period End Reports check box to print period-end or year-end reports. For more information, see Period End Processing - Fields.
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Click Proceed.
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In the General Ledger module, if you have not posted cycle allocations before beginning period-end or year-end processing, you are prompted do to so. Select one of the following options:
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To post allocations before completing period-end or year-end processing, click No. For information about selecting and posting allocations, see Select Allocations for Posting. After you have posted allocations, continue to the next step.
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To continue with period-end processing or year-end processing without posting allocations, click Yes and continue to the next step.
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If you selected the Print Period End Reports check box in step 3, the Period End Reports window appears. Complete the following steps in the Period End Reports window:
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In the Report Name and Report Setting/Financial Group fields, verify that the correct reports and financial report groups are listed. For more information, see Period End Reports - Fields. The reports and financial report groups listed are selected in Period End Report Selection.
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In the Copies field, enter the number of copies to print for each report and financial report group.
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Select the Saved Printer check box to print the report to the printer saved for the selected report setting.
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Select the Print check box for each report and financial report group to print. Click Print.
Note If you select Preview, all reports will be previewed regardless of the saved printer for the report. After the reports are previewed, you are taken back to the menu. You must print the reports to complete period-end processing.
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You are prompted to confirm that the closing period will be changed to the next open period. Click Yes to complete period-end or year-end processing.
Period-end or year-end processing is complete. After you perform this procedure, the following occurs:
If you performed period-end processing
The current accounting period is closed, and the accounting period is cycled forward to the next open period. In addition:
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Period End is selected in the Reset Journal Numbers field in General Ledger Options
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journal numbers are reset.
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Period End is selected in the Reset Register Numbers field in General Ledger Options
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register numbers are reset.
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If you performed year-end processing
The current accounting period is closed, and the accounting period is cycled forward to the next open period.
Note If the next fiscal year has not been created, year-end processing creates the next fiscal year and recalculates beginning balances.
The Years to Retain General Ledger History field in General Ledger Options is used to determine the number of years to retain General Ledger transaction history after year-end processing.
In addition:
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Year End is selected in the Reset Journal Numbers field in General Ledger Options
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journal numbers are reset.
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Year End is selected in the Reset Register Numbers field in General Ledger Options
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register numbers are reset.
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The Copy Actual to Default Budget at Year End check box is selected in General Ledger Options
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the actual amounts of the closed fiscal year are copied to the default budget of the current fiscal year.
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The Clear Balances at Year end check box in Main Account Maintenance is selected
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balances are cleared for nonfinancial accounts.
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There are general ledger account numbers, main accounts, and/or defined sub accounts that have a status of Delete and have no activity for the closing fiscal year
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the deleted accounts are removed, as well as any memos for those accounts.
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To perform period-end or year-end processing in all other modules
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Select the module's Period End menu > Period End Processing.
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Select the period-end option to perform. The available options depend on the current module. Period-end options typically include purging transaction files for any number of periods (up to but not including the current period) to save file space.
Note When performing period-end processing, verify that the accounting date agrees with the period-end date through which you want to clear files.
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Click Proceed.
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In the Period End Confirmation window, click Proceed.
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If you selected the Full Period End Processing or Full Period and Year End Processing options, the Period End Reports window appears. Select the report(s) to print and click Print.
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A message appears asking if you want to complete period-end processing. Click Yes to complete period-end processing.
Period-end processing is complete.
