Background: GL Period-End Closing
Use the GL Period-End Closing (GME) program to review pending transactions (i.e., those that must be completed before the period can be closed), close an accounting period and print period-end financial statements. See Road Map for work flow.
This topic has these subtopics:
Preliminary Check
Before You Can Close a Period
Period-End Closing
Year-End Closing
Preliminary Check
You can run a preliminary check on any open period before you attempt to close it. The program verifies that all transactions have been posted, and calculates and shows the profit to be posted. Any pending transactions (i.e., those that must be completed before the period can be closed) are listed.
If there are no pending transactions, the programs displays a message that the period can be closed.
Before You Can Close a Period
You cannot close a period until you:
Post journal entries from all sources to the general ledger.
Enter the profit or loss for the period in the General Journal Entry (GIP) program, unless you want to have the program post it automatically.
If any transactions are outstanding, the program, type of transaction, the transaction batch ID, and transaction date are listed. These processes must be completed before you can close the period.
Period-End Closing
For a period-end closing, the program:
Prints financial statements.
Updates the last close balance and the current open activity balance.
If you selected the YTD transaction history? option in the System Options Maintenance (XM) program (General Ledger Options), writes transactions from the GL Transaction (GLTRAN) file to the GL Detail History file.
Copies the period's transactions to the GL Year-to-Date Transaction (GLYTD) file.
Year-End Closing
When the last period in the accounting year is closed, the program also closes the year. For a year-end closing, the program:
Moves the year-end totals from the current year to the prior year.
Resets the last close balance in revenue and expense accounts to zero.