- Set up the last day of the fiscal year as an adjusting period.
- Set up the first day of the new fiscal year as an adjusting period.
- Ensure the period that is closed is an Open period.
- Complete all routine accounting before the last day of the year.
- Post all adjustments and closing entries in the adjusting period.
- Run the Create Income Statement Closing Journals process to transfer income statement year-end account balances of your revenue and expense accounts to the retained earnings account.
- Run the Create Balance Sheet Closing Journals process to close and zero out the year-to-date balances of all balance sheet accounts: assets, liabilities, and owner's equity.
- Run the Open Period program to open the Opening adjustment period of the New Year.
- Reverse and post the balance sheet closing journals to reopen those balances.
Periods Per Year : 13
Year Type : Calendar
Description : 13 Period inclusive of one year end adjustment Period
- If you plan to close your balance sheet using the “Create Balance Sheet Closing Journals” program, define enough accounting periods for your period type to allow for two adjusting periods
- Choose Year type as Calendar to use the year in which an accounting period begins for the system name.
- Choose Fiscal to use the year in which your fiscal year ends for the system name.
Calendar Name : PAM_2010
Description : PAM Calendar for year 2010
Enable Security : This is an optional feature.
Access to calendar definition can be Controlled using definition access sets. Definition access sets are optional security feature that allows control on, view, and modify access to General Ledger definitions
For Accounting Calendar view and modify access is possible.
View Access : Allows the privileged users to View & Modify the Calendar Definition.
Modify Access : Allows the privileged users to View & Modify the Calendar.
How to define definition access set will be covered as a spate topic.
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View the status of the request by selecting view Requests to check the Successful completion of the compilation