Year End Close - Final

×

This procedure assumes you followed the Year End Process.

  1. Verify that all end of year transactions have been entered and the fiscal year to be closed has correct amount in trial balance.
  2. Verify that the Retained Earnings entry you created during the Year End Process matches the Net Income of the Year you are closing
  3. Verify that your System Period file has the correct year. Typically this would be the year after you are closing if you performed a temporary close as outlined in the Year End Process.
  4. Verify Retained Earnings entry will not be created (General Ledger | Maintain | G/L Setup | Create Retained Earnings Trx at Year End?) - Unchecked
  5. Perform Final Close (GL | Processes | Year End Procedure | Final)
  6. Print financials for the first period with comparatives to verify that it is in balance and the comparatives for the prior year are correct