This chapter contains these topics:
To close annual account balances in preparation for the new fiscal year
To close units of production in preparation for the new fiscal year
The Fixed Assets system includes annual processing programs that you can run at the end of the fiscal year. Use these programs to create new records for a new fiscal year.
If your company uses depreciation method 09 to depreciation assets by units of production, you must run the Units of Production Close after you close your annual account balances. Do not run this close program unless you use method 09 to calculate depreciation.
Run year-end processing programs after you run your final depreciation for the year. You must run the annual close for current year account balances before you can run depreciation calculations for the next fiscal year.
Closing the year includes the following tasks:
Closing annual account balances
Closing units of production (optional)