Close an Accounting Period

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. For the last period in the accounting year, the program also closes the year. See Background and Road Map for more information.

Note
Only one person can run this program at a time. You cannot run this program if another user is running the GL Recalculation (GLR) or Accounting Period Maintenance (GDM) program.

When you run this program, the program displays these fields and offers the option of a preliminary check or a final check/close:

Field Name

Displays

Current date

Your terminal date

Current open period

The earliest open period

Preliminary Check

When you select Preliminary Check and click OK, you can select any open period to see what needs to be done before the period can be closed.

After you select the period and year and click OK, transactions/processes that must be completed before the period can be closed are listed.

If there are no pending transactions, the program displays a message that the period is ready to be closed.

Final Check/Close

When you select Final check/close and click OK, the program displays transactions/processes that must be completed before the first open period can be close.

If there are no pending transactions, the program prompts Have transactions and adjustments for this period been entered and processed?

  1. Click Yes if you processed and posted all journal entries for the period or click No to exit the program to perform those functions. When you click Yes, the program prompts Enter PROCEED to update.

  2. Enter PROCEED to close the period or leave the field blank to exit the program.

    When you enter PROCEED, the program may prompt Profit not posted. Post profit automatically? if you set up a profit account for this consolidation.

  3. Click Yes to post profit or click No to exit the program and manually post profit.

If you click No, the program displays a message that profit has not been posted and enables you to print the profit information for a manual journal entry.

  1. Choose the appropriate options:

To

Do This

Review your options for this program

Click Prog opts. See Set Options for Reports and Inquiries.

Print the preview register

Click Print. See Background for a list of what prints.

Note
The preview register prints immediately if the option Allow device override? in the Date-Output Device Maintenance (ZE) program is not selected.
If this option is selected, the program prompts Output device. Accept the output device that displays, which is specified in the Default output device field of the Date-Output Device Maintenance program, or enter the name of a different device.

Review the preview register on your screen

  1. Click Display. See Background for a list of what displays.

  2. Click Continue to review each page of the preview register.

  3. Click Exit to exit the preview register or click Quit to exit the program.

Exit the program

Click Exit.

If you selected the Print GL jrnl in preview mode? run time option in this program, the preview Interface Journal displays or prints immediately after the preview register.

Note
If the program displays the message Final register/update not allowed, the Allow final reg upd? field is not selected in your record in the User Maintenance (UIM) program. Click Close.

The program prompts If the register is correct, enter PROCEED to update.

  1. Enter PROCEED if the register is correct or leave blank if it is not.

    When you enter PROCEED, the program displays the message     GL journal GJG [number] has been created.

  2. Click OK to acknowledge the number. The program prints the final register and the Interface Journal and prompts Did Financial Statements print correctly?

  3. Click Yes to update the general ledger or click No to exit the program without updating the general ledger.