G/L Period-End and Year-End Processing Checklist

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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 without closing the prior year, keeping the prior year open does not prevent normal processing.

Before completing period-end or year-end processing, perform the following steps:

  1. If you are performing year-end processing, select the Copy Actual to Default Budget at Year End check box in the General Ledger Options window, and create a new default budget for the next fiscal year. For more information, see Copy Actual Figures to the Next Fiscal Year Budget.

  2. Back up the General Ledger files.

  3. Verify that all activity and adjustments in modules integrated with General Ledger have been completed for the current period.

  4. Print and update the Recurring Journal.

  5. Print and review the General Ledger Worksheet.

  6. Enter any closing adjustments for the period using General Journal Entry.

  7. Print and update the Daily Transaction Register.

  8. Make any necessary budget revisions using Budget Revision Entry, and update the Budget Revision Register.

  9. Print the Trial Balance and Standard Financial Statements for the period, and verify that the Balance Sheet is in balance.

  10. Print the General Ledger Analysis (if necessary).

  11. Print the General Ledger Detail Report. If you are closing the year, print the report for all periods.

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  12. Select allocations to post and decide whether to post all required allocations now or during period-end processing or year-end processing. For more information, see Select Allocations for Posting.

  13. Decide whether to print period-end reports now or during period-end processing. For more information, see Select Period End Reports.