Close Period

Explanation

The period calendar in Accounting Rules consists of a main calendar and calendars for each user group. Each period is either open, closed or finally closed for accounting. If you close a period to a user group, it is closed to all users in the group. If you close a period in the main calendar, it is closed to all users in all groups. Following are methods for using accounting periods:

• To eliminate incorrect postings, block future periods. Open them again when you want to use them.
• After you enter all vouchers in a period, you can close it to certain user groups but leave it open to those who reconcile periods.
• After you close a period entirely, you close it to all groups in the main calendar. The program checks that all the period transactions are updated. If there are vouchers in the hold table, they must be updated before the period can be closed. You can reopen a closed period to enter more vouchers in it. The new transaction can affect the period reconciliation.
• If the period closing method for the company is Not Reversible, once an accounting period is closed, it will be possible to finally close the period.

Prerequisites

Before closing an accounting period, the following must have been completed:

• All vouchers concerning the period must have been updated from the hold table to the general ledger.
• For a period to be available to be finally closed, it should have the status Closed.

System Effects

As a result of the closing of the period, no postings can be posted on the period. After a period is finally closed, it cannot be reopened.

Window

Accounting Periods

Related Window Descriptions

Accounting Periods, Close/Finally Close Accounting Period Main Calendar

Procedure

Use the following procedure to close an accounting period for all user groups:

1. Open the Accounting Periods window.
2. Select the accounting period you want to close, right-click and then click Close GL Period or Close GL Period Finally, as required. This will open the Validation Transactions in Progress window.
3. In the Validation Transactions in Progress window, click Close GL Period or Close GL Period Finally, as required.
4. Save the information.

Use the following procedure to close an accounting period for one user group:

1. Open the Accounting Periods window
2. Select the line containing the period you want to close.
3. Right-click and then click User Groups per Period.
4. Change the Period Status field to Closed.
5. Save the information.