Year End Close

A Year-End Close is the process of reviewing, reconciling, and verifying that all financial transactions of the company ledgers from the Fiscal Year add up. This involves business expenses, income, revenue, assets, investments, equity, and more. The purpose of this page is to process a Year-End Close.

Software Version: 2023.08.31 and newer

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Used to process a Year-End Close. This icon is only visible after the Year-End Close validation has been run by clicking the 'Validate' icon. 

Clicking the 'Process' icon runs the Year-End Close. If successful, the message “The Year-End Close for [Fiscal Year] has been successfully completed.” will be displayed. If the process cannot be successfully completed, the message “The Year-End Close for [Fiscal Year] could not be completed.” will be displayed. 


Used to validate that a Year-End Closed can be processed. Clicking the 'Validate' icon validates the following:

  1. That a Retained Earnings Account is identified. If not, the message "Retained Earnings Account is required." will appear.
  2. That the Retained Earnings Account identified is both Active and assigned a Control Account Type of "Retained Earnings". If not, the message "The Retained Earnings Account must be an Active GL Account with a Control Account Type set to Retained Earnings." will appear.
  3. That the 'next' Fiscal Year is setup. If not, the message "You must add a new Fiscal Year before you can close the current year." will appear.

If all these validations pass, the 'Validate' icon is replaced with a 'Process' icon. 

Database Field: ERPx_MFFiscalYear.ValidatedForYearEndClose

Closed By

Identifies the name of the user and the date and time that the last Year-End Close was successfully run. This is not editable.  

Closing Date

Identifies the Fiscal Year's End Date for the Year displayed in the ‘Close Fiscal Year’ field. This is required and not editable.

Close Fiscal YearIdentifies the Fiscal Year that will be closed.  This defaults to the oldest Fiscal Year with a Posting Type Status of "Open".  This is required and not editable.
Last Year-End CloseDisplays the 4-digit year of the last Fiscal Year that was closed.  This will always be the Fiscal Year prior to the current year being closed.  This is not required and not editable.
Retained Earnings Account

A single select lookup to specify the Retained Earnings GL Account that will be used for the Year-End Close. This defaults from the ‘Retained Earnings GL Account’ preference set in Financial > Preferences. This is required and the lookup contains the list of all the 'Active' GL Accounts assigned a Control Account Type of "Retained Earnings". 

Database Field: ERPx_MFFiscalYear.RetainedEarningsGLAcctForYearEndClose

Related Topics

Year End Reverse

How to Close a Year

Fiscal Periods List View

Fiscal Year Record View

Fiscal Periods User Guide

 Page Definitions

Page Definitions

 Technical Details

Technical Details

Table Names:

Stored Procedures: