Running the Year End Process

Warning:

Warning

Read About the Year End Process for some very important preparation notes, validations and prerequisites.

Warning:

Warning

You must make sure that the opening balances in period 000 are the correct brought forward balance sheet values. Once the year end process starts, the periods in the selected year are closed and locked. You will not be able reopen them. This includes period 000 and 101. General ledger accounts types are also locked. The only period remaining open is adjustment period 100.

To close off your accounts for the financial year so that you can prepare a profit and lossAlso known as an income statement. account and balance sheetAlso known as a statement of financial position.:

1. Click the Years tab.
2. Click on the year that you want to close.
3. Under the Year End Detail section, if required you can amend the default general ledger accounts and mode. These defaults are taken from the current companyThe company in which you are working. This is represented by the company queue to which you, and new instances of objects you create, are assigned. record. See the list of related topics for more information.
4. When you are sure you want to proceed, click Start Year End. If your request is valid and all checks are passed, the Year End Summary page is displayed. If you get a message instead, correct the reported issue before trying again.
5. On the Year End Summary page, review the information displayed.
   Remember, if you continue with the process in the next step, all periods will be closed and you will not be able to open them again.
6. When you are sure you want to close off your accounts, click Run Year End.

The year end journals are created in home currency.

The About the Year End Process topic describes what happens now.