About Year-End Close

The year-end close process enables federal agencies to comply with Office of Management and Budget (OMB) requirements regarding closing accounts and carrying amounts forward at the end of the fiscal year.

This process includes liquidation of unobligated commitments, generation of closing entries in general ledger, and carrying forward obligated balances to the next fiscal year.

Note: The U.S. Federal Financials year-end close process is different from the Oracle Fusion General Ledger year-end close process. For more information about the Oracle Fusion Cloud General Ledger year-end close process, see Overview of Closing Journals.

The recommended sequence of tasks to perform a U.S. Federal Financials year-end close is:

1. Verify prerequisites for year-end close are completed.

2. Close open requisitions in Purchasing.

3. Generate year-end preclosing journal entries in unposted mode.

4. Review preclosing journals with US Federal Year-End Close Journal Status Report.

5. Generate year-end preclosing journal entries in posted mode.

6. Carry forward open purchase orders using the Carry Forward Purchase Order Budgetary Control Balances process. 

7. Generate year-end closing journal entries in unposted mode.

8. Review US Federal Year-End Closing Journal Status Report.

9. Generate year-end closing journal entries in post mode.