Closing Periods

At the end of the closing cycle when you have finished processing intercompany transactions, you can close the period to prevent additional modifications to the transactions. If the Match/Validate Before Post option is set to Yes for the period, all matched transactions or mismatched transactions with a reason code must be posted before a period can be closed. If Match/Validate Before Post is set to No or Restricted, the system does not check before closing the period.

When you close a period, it is locked for future transactions, however you can continue to view transactions or run reports on the period’s transactions.

  To close a period:

  1. In the Browser View, expand Tasks and select IC Transaction Tasks.

  2. Select Manage IC Periods.

  3. From the Scenario list, select a scenario for which to close periods.

  4. From the Year list, select a year in which to close periods.

  5. Select the check box next to each period to close.

  6. Click Close Period.