Year-End Closing Checks

General Ledger Transactions > Year-End Transactions > Year-End Closing Checks

When you run the year-end closing process, the system performs a number of checks.

You can create year-end adjustment postings only when the following conditions are met:

• Each GL period for the specified GL calendar year and entity has been closed to transactions from modules other than GL.

• All of the GL periods for the specified year and entity are closed, except for the last one, which must be open.

• The GL calendar year has not been closed.

• The system history tables are up to date, and the History daemon has no records to process.

• The trial balance sums to zero. See Financial Statements.

• The profit and loss balance has already been set to zero, in cases where you choose to close the GL calendar year manually.

• There is no outstanding balance on the Auto Balance system account for that year. This check is performed on the official and management layers only. Postings to the transient layer for the Auto Balance account do not affect the Year End Closing. See Journal Entry Auto Balancing.

If any of the checks fail, the system displays an error message and stops the year-end closing process. If all the checks are passed, the system displays a message indicating you can register the year-end closing. You can cancel the process or continue.