Close/Update Fiscal Periods

Access

Use this process to close open GL periods and/or reopen closed GL periods.  

Company

Fiscal Year

Action

Fiscal Period

The program performs your selected action when you click on Save.

Period Close

The GL Fiscal Period Close process disallows any additional postings to the fiscal period you select for closing.  You can select any open period as long as the sales period has been closed.   You can select period 13, which has the effect of closing the entire year.  You can select a period even when prior open periods exist.  Closing a period with prior open periods results in all prior periods being closed.  A warning message appears but you can proceed. When closing a period where open periods exist in prior years, period 13 of the prior year does not close unless you are specifically closing period 13 for the year selected.  Instead, you must manually close period 13 and therefore close the prior year.  

Period Reopen

You can select any closed period, including period 13, which has the effect of reopening the entire year.  You can select a period even though subsequent closed periods exist.  Re-opening a period with subsequent closed periods results in all subsequent periods being reopened.  A warning message appears but you can proceed.  The Allow Reopen Years field in the General Ledger Control Settings controls the number of periods you can be reopen.  If this flag is set to zero, the system allows you to reopen periods from the current year but not from any previous years.  The check is based on the most recent open year that has not been previously reopened, even if it occurs in the past.