Fiscal Year Close

If you want to perform a fiscal year-end close on a multiyear budget without closing the budget to future transactions, you can perform a fiscal year close by selecting Close Fiscal Year on the Budget Closing Set page. You perform this type of close to enable year-end reporting while keeping the multiyear budget open through to the end of its appropriation period. If you want to close budgets and perform a fiscal year close, select both options when you define the closing set.

Use the Balance Forward Option of Close Out and Balance Roll Forward for the budget closing rule. The Budget Close process zeroes out the budget balance for the closing fiscal year and rolls it forward to period 0 in the new fiscal year.