At the end of a fiscal year, there are a number of administrative tasks that you have to perform, like making sure all documents and journals are posted, making sure currency data are up-to-date, closing the books, and more. The actual tasks will depend your company.
The following table provides an overview of tasks that you typically perform to close a year and period. These tasks are listed in the order in which they are generally performed.
| To | See |
|---|---|
| Specify system-wide and user-specific posting date ranges. Depending on your business needs, you may want to restrict user posting date ranges at the start of the period-end process or after it. | How to: Specify Posting Periods |
| Get an overview of activities that are commonly performed at the end of a period, such as posting all documents and journals, or running account schedules. | Close Periods |
| Update currency exchange rates and adjust the exchange rates of posted customer, vendor, and bank account entries. | How to: Adjust Currency Exchange Rates |
| Allocate costs and income among accounts and dimensions. | Allocate Costs and Income |
| Print reports to verify general ledger, customer, vendor and bank account balances before closing a period. | Prepare Pre-Closing Reports |
| Close accounting periods and fiscal year, transfer income statement balances to balance sheet accounts and post the year end closing entry. | Close Books |
| Print reports that can assist you in creating financial statements. | Prepare Closing Statements |
How to: Open a New Fiscal Year
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