Federal General Ledger Year-End Close

At the end of a fiscal year, federal agencies must close accounts and carry amounts forward in compliance with Office of Management and Budget (OMB) requirements. The year-end process includes liquidation of unobligated commitments, generation of closing entries in general ledger, and carrying forward obligated balances to the next fiscal year.

You can use U.S. Federal Financials to close open requisitions and generate year-end closing journal entries.