1. Using General Ledger
  2. Create Closing Journals for Balance Sheet and Income Statement Accounts

Create Closing Journals for Balance Sheet and Income Statement Accounts

Run the closing processes from the Period Close work area or the Scheduled Processes page to create journals that close out year-end or period-end balances.

Balance Sheet Closing Journals

Run the Create Balance Sheet Closing Journals process to post balances for all balance sheet accounts or selected balance sheet accounts to a closing account.

This image shows the page for the Create Balance Sheet Closing Journals process.

This image shows the process page for the Create Balance Sheet Closing Journals process, including the parameters.

  1. Navigate to the Period Close work area.

  2. Select the Create Balance Sheet Closing Journals task.

  3. Accept or change default values for these parameters:

    • Data Access Set

    • Ledger or Ledger Set

    • Accounting Period

    • Category

  4. Optionally use the Account Filter parameter to specify subsets of source accounts to close into the specific closing account. You can use the following operators in the account filter: Equals, Between, and Is a Last Descendant Of. The last descendant operator references the account hierarchy associated with the segments of the chart of accounts instance within the context of the selected ledger or ledger set.

  5. Specify a Closing Account.

  6. Click Submit.

Income Statement Closing Journal

Run the Create Income Statement Closing Journal process to post balances for all income statement accounts or selected income statement accounts to one or more closing accounts.

This image shows the page for the Create Income Statement Closing Journals process.

This image shows the page for the Create Income Statement Closing Journals process, including the parameters.

  1. Navigate to the Period Close work area.

  2. Select the Create Income Statement Closing Journals task.

  3. Accept or change default values for these parameters:

    • Data Access Set

    • Ledger or Ledger Set

    • Accounting Period

    • Category

  4. Optionally use the Account Filter parameter to specify subsets of source accounts to close into the specific closing account. You can use the following operators in the account filter: Equals, Between, and Is a Last Descendant Of. The last descendant operator references the account hierarchy associated with the segments of the chart of accounts instance within the context of the selected ledger or ledger set.

  5. Specify a Closing Account.

  6. Optionally specify an Income Offset Account to retain the income statement account balances and instead of booking the reversal of the closing adjustment to the income statement accounts.

  7. Click Submit.