Closing the General Ledger
An accounting period is closed in the General Ledger after all the accounting transactions have been completed for the period. The status of the period will determine whether transactions can be entered in the period. The status of the period can be Never Opened, Future Enterable, Open, Closed, or Permanently Closed. A Permanently Closed period cannot be reopened.
Getting ready
1. Complete all Subledger transactions run the Create Accounting from the Subledgers to create the Subledger Accounting transactions. This populates the GL_JE_BATCHES, GL_JE_HEADERS, and GL_JE_LINES tables.
2. Import all Journals. This process populates the GL_INTERFACE tables.
3. Post all Journals. This updates the GL_BALANCES tables.
4. Run the Period Close Exception report in GL to ensure that there are no outstanding transactions in the Subledgers and GL.
5. Run the trial balance.
6. Perform reconciliations.
7. Reverse previous period accruals.
8. Enter Adjustments and Accruals and Post...
