This procedure assumes you followed the Year End Process.
- Verify that all end of year transactions have been entered and the fiscal year to be closed has correct amount in trial balance.
- Verify that the Retained Earnings entry you created during the Year End Process matches the Net Income of the Year you are closing
- 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.
- Verify Retained Earnings entry will not be created (General Ledger | Maintain | G/L Setup | Create Retained Earnings Trx at Year End?) - Unchecked
- Perform Final Close (GL | Processes | Year End Procedure | Final)
- Print financials for the first period with comparatives to verify that it is in balance and the comparatives for the prior year are correct