Module 10: Year End Closing Processes
10 - 3
After you run the fiscal year closing process, the following will apply.
• The Closed and Date Locked fields for all periods in that fiscal year
are selected and they cannot be cleared any longer.
• The Date Locked field for the first period of the next fiscal year is
selected and it cannot be cleared any longer.
• The period lengths for the closed periods cannot be changed.
Note: To prevent users from posting entries in a closed fiscal year, set a date
range in the Allow Posting From and Allow Posting To fields on the General
Ledger Setup page.
Demonstration: Prior-Year Entry Confirmation
Scenario: After the 2013 fiscal year is closed, Phyllis, the Accounting Manager at
CRONUS International Ltd., realizes that she must post a December 2013 cleaning
expense for 80.00 local currency (LCY).
After Phyllis posts the expense, she reviews the entry to verify that the Prior-Year
Entry check box is selected to indicate that it is a prior-year entry.
Note: To complete this demonstration, make sure that the 2013 fiscal year is
closed. If a different year is closed, post into that year in step 6 of this
demonstration.
Demonstration Steps
1. Post the 2013 cleaning expense and review the posted entries.
a. In the Search box, enter General Journals, and click the related
link.
b. In the Batch Name field, click the drop-down list and then select
the DEFAULT journal batch.
c. Click OK.
d. Delete any existing journal lines in the batch.
e. In the Posting Date field, enter 12/31/13.
f. Make sure that the Account Type field is set to G/L Account.
g. In the Account No. field, enter 8110.
h. In the Amount field, enter 80.00.
i. Make sure that the Bal. Account Type field is set to G/L Account.
j. In the Bal. Account No. field, enter 2910.
k. On the Actions tab, click Post.
l. Click Yes to post the journal lines.
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