||Year End Closing Activities Checklist||
The following procedures are typical of most year-end activities:
To
complete the year end process:
1.
Run revaluation (if you manage financial information in multiple
currencies).
2.
Stop processing accounting transactions for the old year.
3.
Produce preliminary year end reports.
Produce
the usual period-end reports and any other special year end reports.
4.
Begin to process the new year.
As you do
at other times of the year, you can use the Open Period Update page or Open
Periods Mass Update page to open the first accounting period in the new year
for entry and posting.
5.
Record adjustments to the old year.
When you
are ready to post adjusting entries to the old year:
·
Enter them as adjusting journals.
·
Alternatively, reopen the appropriate accounting period, enter
and post the entries, and close the period again.
6.
Close the old year.
To close
revenue and expense accounts to retained earnings and roll forward beginning
balances to the New Year, use the Close Request page to initiate the background
request. General Ledger performs closing according to the options selected in
the closing rules.
7.
Produce reports for the New Year.
Until you
run year end closing, reports for the next year do not include any results from
prior years. Once you run the close process, balance sheet accounts and
inception-to-date revenue and expense accounts are available for reporting.
8.
Make additional adjustments to the old year.
When you
must make additional adjustments for the old year, follow the same process that
you use to record adjustments to the old year.
9.
Reclose the old year.
Whenever
you make adjustments to a closed year, you must run year end closing again to
ensure that the opening balances for the New Year reflect all activity for
prior years.
