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Opening and Closing Accounting Periods

Open and close accounting periods to control journal entry and journal posting, as well as compute period- and year-end actual and budget account balances for reporting.

Accounting periods can have one of the following statuses:

You can open new accounting periods, close accounting periods, reopen closed accounting periods, and open an encumbrance year (if you are using encumbrance accounting).

Note: When you define a new set of books, choose carefully the first accounting period you want to open. Once you open your first accounting period, General Ledger does not allow you to open prior accounting periods.

Additionally, you cannot translate account balances for the first period ever opened. Therefore, we recommend that you open at least one period prior to the first accounting period in which you wish to enter transactions.

Additional Information: If you use Multiple Reporting Currencies, you must open/close accounting periods in your primary set of books and in each of your reporting sets of books.


   To open a new accounting period:

Suggestion: Although you can have several open accounting periods, to maximize the efficiency of the General Ledger posting process, as well as to minimize the possibility of user error, limit the number of accounting periods that are open at one time.

   To close an accounting period:

   To reopen an accounting period:

See Also

Opening an Encumbrance Year

Defining Calendars

Defining Sets of Books

Entering Journals

Posting Journal Batches

Multiple Reporting Currencies Overview

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