Running the Year End Process

Warning:

Read About the Year End Process for some very important preparation notes, validations, and prerequisites.

Run the Year End Process for a Single Year

To close off your accounts for the financial year so that you can prepare a profit and loss Also known as an income statement. account and balance sheet Also known as a statement of financial position.:

1. Click the Years tab.
2. Click the year that you want to close.
3. Under the Year End Detail section, if required you can amend the default general ledger accounts and mode. The defaults are taken from the company record that is assigned to the selected year. See the list of related topics for more information.
4. When you are sure you want to proceed, click Start Year End.
5. On the Year End Summary page, review the information displayed.
   
6. When you are sure you want to close off your accounts, click Run Year End.

The About the Year End Process topic describes what happens next.

Run the Year End Process for Multiple Years and Companies

Before running the year end process, you must ensure that all of the selected companies have:

• The following GLAs The general ledger will normally include general ledger accounts (GLAs) for items such as income, expenses, assets, liabilities, and reserves. specified:
  • Suspense GLA
  • Retained Earnings GLA
• The following periods open:
  • Period 101 of the year you want to close.
  • Period 000 of the following year.

To close off your accounts for multiple years and companies as a single batch so that you can prepare multiple profit and loss Also known as an income statement. accounts and balance sheets Also known as a statement of financial position.:

1. Ensure that you are in multi-company mode State in which the current user has more than one current company selected. Data entry is disabled until the user returns to single-company mode. Enable multi-company mode when you want to generate reports that contain data from more than one company.. For more information, see What is Multi-company Mode?.
2. Set the companies for which you want to run the year end process as the current companies The company in which you are working. This is represented by the company queue to which you, and new instances of objects you create, are assigned.. For more information, see Setting your Current Company.
3. In the Accounting Task Launcher tab, navigate to the Data Setup and Management section.
4. Click Run Year End Process for Multiple Companies. If another year end process for multiple companies is in progress, wait for the process to complete, and then try again.
5. Select the companies and years for which you want to run the year end process. You can select up to 300 companies and years.
6. [Optional] If the selected companies have any open years prior to the selected year, and you do not select those open years, the process will only change their status to "Closed". To run the complete year end process for those years, you must select them as well.
7. Click Next.
8. Review the selection summary. If you have selected more than one year for a single company, the year end process will run in chronological order for the selected years. If you want to amend your selection, click Back to return to the previous page.
9. Click Run. The app sends you a confirmation email when the process is complete.
10. If you are unable to run the process, click the error icon displayed next to the year that generated the error. After you have cleared the errors, click Run.

Note:

By default, the year end journals are created in home currency. They can be created in the document currency also. To do so, ensure that the Enable Year End by Document Currency custom setting field is selected in the Accounting Settings custom setting.

The About the Year End Process topic describes what happens next.