Closing the Accounting Period and Year for a Company

Access the Company Setup form.

Before you run the Annual Close to close a fiscal year, you should close the accounting period and year on the Company Setup form. To do this, change the value in the Current Period field to 01 and enter the new fiscal year in the Beginning of Fiscal Year field for General Accounting. The system automatically applies the new period and year to Accounts Payable and Accounts Receivable after you click OK. For example, to close a calendar fiscal year for 2006, you would change the current period to 01 and the beginning date to January 1, 2007 for General Accounting.