General Ledger Transactions > Year-End Transactions > Set Up Year-End Closing
  
Set Up Year-End Closing
Before running year-end closing, you must set up the GL accounts and daybooks used by the process.
Accounts for Year-End Closing lists the accounts required by the year-end closing process.

Accounts for Year-End Closing
 
Accounts Required
Restrictions
P&L Closing Account (without sub-account analysis)
The account must be:
• A P&L account of GL type Year-End Closing
• Defined without sub-account or other analysis
• A non-intercompany account
• Defined to accept postings in the base currency only
P&L Closing Account (with sub-account analysis)
Restrictions as above, except that the account must be defined with sub-account analysis
Balance Sheet Account (without sub-account analysis)
The account must be:
• A balance sheet account of GL type Year-End Closing
• Defined without sub-account or other analysis
• A non-intercompany account
• Defined to accept postings in the base currency only
Balance Sheet Account (with sub-account analysis)
Restrictions as above, except that the account must be defined with sub-account analysis
Daybooks for Year-End Closing lists the daybooks required by the year-end closing process.

Daybooks for Year-End Closing
 
Daybooks Required
Restrictions
P&L to retained earnings daybook
• Daybook of type Year-End Closing
• Official or management layer
P&L closing daybook
Balance sheet closing and opening daybook
Note: You must also create a record for the subsequent GL calendar year, with at least one GL period.