Running Year End Adjustments

If you have run the year end process and you want to post adjustment journals, you can run an automated process to reflect these in both closing balances for the current year and opening balances for the following year.

If you have "In Progress" documents in any of the trading or adjustment periods, you must either post or discard them before running the adjustments. You cannot open a trading period or period 100 while the adjustment process is in progress.

Before you adjust the year, make the following checks:

  • You have opened the adjustment period 100 or the trading periods that you want to adjust. For more information on closing and reopening a period, and on how different closing options control the saving and posting of documents, see Editing and Deleting Years and Periods.
  • You have posted adjustment journals to the adjustment period 100 or to any of the trading periods. For more information, see Posting Journals.
  • You have posted currency revaluation journals.
  • The following year has a status of open. For more information, see About Financial Years and Periods.

To process the year end adjustments:

  1. Click Process Adjustments.
  2. Click Process to confirm that you want to proceed.

Once you have run the year end process, the year is closed. You cannot reopen and adjust the special periods 000 and 101. However, you can still reopen and adjust the following periods of the last closed year:

  • Trading periods
  • Adjustment period
Note:

If the Enable Year End by Document Currency custom setting field in the Accounting Settings custom setting is selected, the year end adjustment journals are created for each document currency.