Understanding Fiscal Year Setup Requirements

This table lists the setup that you must complete for the annual close:

Setup	Description
Chart of Accounts	These accounts must be set up: Profit and loss account Beginning balance sheet Ending balance sheet
Automatic Accounting Instructions (AAIs)	These AAI items must be set up: GLG4: retained earnings GLG6: beginning revenue account GLG12: ending profit and loss account AAI item GLG4 for retained earnings is the only GLG item that is company specific. Note: If you close the year, change any of these AAI items, and then rerun the close, you might get different results.
Ledger Types	Ledger type AA and budget ledger types must be set up in UDC table 09/LT and on the Ledger Type Rules Setup form. For the AA ledger, select these check boxes on the Ledger Type Rules Setup form: Close to Retained Earnings Account Ledger is Required to Balance For budget ledger types, select the Roll Original Budget to Next Year check box.

Setup

Description

Chart of Accounts

These accounts must be set up:

Profit and loss account
Beginning balance sheet
Ending balance sheet

Automatic Accounting Instructions (AAIs)

These AAI items must be set up:

GLG4: retained earnings
GLG6: beginning revenue account
GLG12: ending profit and loss account

AAI item GLG4 for retained earnings is the only GLG item that is company specific.

Note: If you close the year, change any of these AAI items, and then rerun the close, you might get different results.

Ledger Types

Ledger type AA and budget ledger types must be set up in UDC table 09/LT and on the Ledger Type Rules Setup form. For the AA ledger, select these check boxes on the Ledger Type Rules Setup form:

Close to Retained Earnings Account
Ledger is Required to Balance

For budget ledger types, select the Roll Original Budget to Next Year check box.