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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Toolbar Icons | Description |
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| Grid Layout | Opens the Saved Grid Layout menu that allows the user to select another saved layout, create a new layout, save changes to a layout, or assign a saved layout as the default for the page. Once changes are made to a grid, such as columns are added or removed, the user can click the Saved Grid Layout icon and save the changes to the grid layout and name the new layout. The new layout can also be set as the default, instead of the System View. This is useful for creating specific views to separate master files or transaction types (i.e. Invoice specific vs. Credit Memo specific).
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| Help |  Opens the online WIKI help page for the current page. |
| Process | 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. |
| Validate | Used to validate that a Year-End Closed can be processed. Clicking the 'Validate' icon validates the following:
If all these validations pass, the 'Validate' icon is replaced with a 'Process' icon. Database Field: ERPx_MFFiscalYear.ValidatedForYearEndClose |
| Fields | Description |
| 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 Year | Identifies 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 Close | Displays 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 |
The bolded view is the default view, which will determine the view will automatically display in when opened.