Resolving Fiscal Year Close Issues

As part of the fiscal year close, the system checks EntitiesCompanies for issues. When issues are found, they display on the GL Fiscal Year Close Tab. The following items are all possible issues that can display. All issues must be resolved before the system allows the closing.

The system checks the statuses of batches associated with the EntityCompany. If you have batches for the EntityCompany that carry the status of Unapproved, the line of text includes links to those batches. To resolve the issue, select the link to open the batch in the Setup Batches Tab, where you can approve the batch and print the Batch Audit Report. Refer to Batch Approval Process for more information.

The system checks the association of calendars for the EntityCompany. The calendars you select for accounts payable, accounts receivable, and general ledger affect your ability to complete the fiscal year close. To resolve issues, create a calendar for a fiscal year and assign appropriate calendars to the EntityCompany. If any calendars are missing, the system displays a message and you cannot close.

NOTE that after the Fiscal Year Close process is run, the original Period Close dates for each period are retained by the system.

Refer to the topic Calendars and Closings for more information.

The system checks the statuses of periods. All prior periods in the fiscal year for the EntityCompany should be closed. The last accounting period for the EntityCompany should be the only open period. If any other period is open, the system displays a message and you cannot close. Refer to the Active AP Periods Tab, Active AR Periods Tab, and Active GL Periods Tab for more information on the status of a particular period.

The system checks account setup. To resolve issues, set up a retained earnings account and a P&L summary account for the EntityCompany. If the system cannot locate these accounts, it displays a message and you cannot close.