Understanding How to Close an Accounting Period

No special processing is required to close an accounting period. You simply increment the current period by one for AR, AP, and GL on the Company Setup form.

These rules apply to closing an accounting period:

• You can close JD Edwards EnterpriseOne Accounts Receivable and JD Edwards EnterpriseOne Accounts Payable separately from JD Edwards EnterpriseOne General Accounting so that each system can use a different period for the current period.

  The current period for the JD Edwards EnterpriseOne Accounts Receivable and JD Edwards EnterpriseOne Accounts Payable systems can be later, but not earlier, than the current period for JD Edwards EnterpriseOne General Accounting.

• If all three systems use the same accounting period, close only JD Edwards EnterpriseOne General Accounting to increment the current period for all three systems.

• You can reopen a GL period without reopening that period for AR and AP.

  For example, you might reopen a period if you need to create entries in a prior period and the general accounting constants do not allow prior-period entries. To reopen a GL period, you change the current period on the Company Setup form.

Systems are usually closed in this order, although this order is not mandatory:

• JD Edwards EnterpriseOne Accounts Payable

• JD Edwards EnterpriseOne Accounts Receivable

• JD Edwards EnterpriseOne General Accounting

After you complete your financial reporting, the last step in the close process is to change the financial reporting period to the new fiscal period.