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Dear Experts
what all are the start to end Steps /Process we need to do to close a Financial Year & Accounting period.
what all the things we need to taking care before going to start the Year End Process.
what are the steps for changing transaction code/ Number series changing steps after the Year end process.
what all the things we need to check after completion of Closing the year to make sure all are correct
Thank you All...
Thankyou Kim for the detailed reply.
Yes posting date ranges are managed by me only with Gen led setup and User setup
the Steps which i Understood is (Pls Correct if am wrong/Miss any steps)
Check the General Ledger Bal Equals to Sub ledger Balances
Create a new fiscal year
Close the Fiscal Year
Next is close the Income statement
Post the General Journal Entries
Now Balances of P/L Account moves to Retained Earnings
if required,
block the Back Date entry
Create a new number series for each transaction
1. If you want to change your number series, you can setup the new starting number with a starting date of 1/1/23 and that will take affect appropriately.
2. Closing your year is just like closing your month, do all the things that you would normally do. Hopefully you are controlling your posting date ranges in general ledger setup.
3. Setup new Accounting Periods, you can do this anytime
4. When ready, Close Income Statement and post the journal. Remember you don't have to wait for audit, you can close again after audit adjustments.
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