Post to a Closed Fiscal Year

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Expand/Collapse item  Overview

If you retained detail history for a prior fiscal year, you can reopen the closed fiscal year and post to it. This method provides an audit trail. Closed fiscal years can only be reopened in the General Ledger module.

Expand/Collapse item  Before You Begin

  • If you have not retained detail history for a prior fiscal year, you cannot reopen it. To make sure that you retained detail history for a prior fiscal year, verify the setting in the Years to Retain General Ledger History field on the General Ledger Options Main tab. For more information, see Years to Retain General Ledger History.

 

To post to a closed fiscal year

  1. Select General Ledger Setup menu > General Ledger Options.

  2. On the Main tab, in the Current Fiscal Year field, select the past fiscal year to reopen. For more information, see General Ledger Options - Fields.

  3. In the Current Period field, select the accounting period to post to and click Accept.

  4. In General Journal Entry or Transaction Journal Entry, enter the journal entry to the reopened fiscal year and period, and update the journal entry.

  5. When you are finished, reprint year end reports.

  6. On the General Ledger Options Main tab, in the Current Fiscal Year field, select the current year, and in the Current Period field, select the current period. Click Accept.

The closed fiscal year was reopened and posted to.