The ability to filter based on the daybook code facilitates period close because you can easily identify and review transactions of a certain type and identify unusual activity.

Before you close a GL period, verify that there are no unposted transactions, such as those created in the operational activities. You can run the Unposted Transaction Register report to identify transactions not yet posted to the general ledger.

Closing the GL calendar year has the effect of changing the status of all of its GL periods to frozen, and of marking all periods as reported.

Year-end closing postings are done only at account and sub-account level, and in the base and management currencies only.

Validate the year-end closing by manually running closing reports on every period. See Year-End Transactions.