At the end of a fiscal year, there are a number of administrative tasks that you have to perform, like making sure all documents and journals are posted, making sure currency data are up-to-date, closing the books, and more. The actual tasks will depend your company.
The following table provides an overview of tasks that you typically perform to close a year and period. These tasks are listed in the order in which they are generally performed.
|Specify system-wide and user-specific posting date ranges. Depending on your business needs, you may want to restrict user posting date ranges at the start of the period-end process or after it.||How to: Specify Posting Periods|
|Get an overview of activities that are commonly performed at the end of a period, such as posting all documents and journals, or running account schedules.||Closing Periods|
|Update currency exchange rates and adjust the exchange rates of posted customer, vendor, and bank account entries.||How to: Update Currency Exchange Rates|
|Allocate costs and income among accounts and dimensions.||Allocating Costs and Income|
|Prepare to report value-added tax amounts that you have collected for sales to the tax authorities' web service.||How To: Report VAT to Tax Authorities|
|Print reports to verify general ledger, customer, vendor and bank account balances before closing a period.||Preparing Pre-Closing Reports|
|Close accounting periods and fiscal year, transfer income statement balances to balance sheet accounts and post the year end closing entry.||Closing Books|
|Print reports that can assist you in creating financial statements.||Preparing Closing Statements|