Generate General Ledger PreClosing Entries Using Allocations

Preclosing entries can be pre-defined entries or manual adjustments. For example, an accrual could be made prior to creating closing entries. It’s recommended that these entries are created in a separate preclosing accounting period and if automated, a separate preclosing rule set should be defined in the Calculation Manager.

You should run the year-end close report without posting the allocations first. The purpose of this is for you to review the results of the closing report prior to running the final year-end close report. You can run the unposted year-end close report multiple times. You must manually delete the journal batch to remove the prior results. In unposted mode, journal entries are created, but not posted to the GL.

When you select to not post the journals, they can be deleted to make corrections before rerunning the same rule. You can delete journal batches that are not approved or posted in Manage Journals under Batch Options.

Note: This process doesn't check for existing duplicates of the rule.

To view the resulting journals navigate to:

1. Navigate to Manage Journals task from the Journals work area.

2. Click on the Journal hyperlink to review the journal.

3. Hover over the Account cell to see more detail.