Prerequisites for Year-End Close

Before you perform a U.S. Federal Financials year-end close, you must ensure all setup tasks have been completed.

Before you can create closing journal entries for year-end close, an administrator must configure the year-end closing rules using the Calculation Manager of Oracle Fusion General Ledger. You access the Calculation Manager using the Create Allocation Rules task in the Journals work area. You configure the closing rules to define the General Ledger accounts to be closed (source account) and the corresponding GL accounts to which the closed balance will be moved (target account).