Period End Journal Creation Process
After the Period End Journal Entries feature is enabled, the Period Close Checklist for open periods includes a task called Create Period End Journals. The Create Period End Journals task is not included for periods that were closed before the feature was enabled.
The Create Period End Journals task is the last task in the checklist before Close, unless the GL Audit Numbering feature is enabled. If GL Audit Numbering is enabled, that task is the last before Close. For more information, see GL Audit Numbering.
The Task: Create Period End Journals page is a task status page. You must create period end journals for each subsidiary with a blue circle. The journals for each subsidiary are created in the order that the circles are displayed, from left to right.
To begin the process, if you want to start all period end journal processes shown on the Task: Create Period End Journals page, click Create All Journals. If you have already successfully completed some processes for this period, those processes are skipped. If the Require Memo on Period End Journals box is checked in the preferences for any subsidiary, an error is logged for the first process for that subsidiary. The processes for other subsidiaries continue to run.
Alternatively, click Create Journals to open the Create Period End Journals page. This page lets you select specific subsidiaries, accounting books, or journal types for which to create period end journals. For example, you can select a subsidiary that requires memos, add the memos, and then create the journals. The page is divided into a maximum of four subtabs: Historical Balances, Consolidation, Income Statement Closing, and Balance Sheet Closing. The subtabs that are available depend on the preferences you have selected for period end journals and when you run the process. The page automatically opens to the subtab for the type of period end journal to be created first. For a description of the journal types, see Period End Journal Entries.
The subtabs available are shown as columns on the subsidiary list of the Task: Create Period End Journals page. For each subsidiary, you create the types of period end journals from left to right. The period end journals to the right are dependent on those to the left.
The Historical Balances subtab is displayed only if you have a subsidiary with the feature enabled that has not yet run this step.
The Consolidation subtab is displayed only when consolidation is set up for the listed subsidiaries. In an account with Multi-Book Accounting enabled, whether you see the Consolidation subtab can depend on the accounting books you select in the filter. An accounting preference controls consolidation for the primary book. Consolidation for secondary accounting books is set on the accounting book record. For more information about configuring consolidation for period end journal entries, see Defining Subsidiary Settings for the Period End Journal Entries Feature.
The Income Statement Closing subtab is always shown, even when the process does not need to be run. When the process does not need to be run, no blue circles appear in the Income Statement Closing column on the task status page.
The Balance Sheet Closing subtab is controlled by the subsidiary preference Create Balance Sheet Closing and Opening Journals. Balance Sheet Closing appears only at fiscal year end and only when one of the subsidiaries has the preference checked. For information about subsidiary preferences, see Defining Subsidiary Settings for the Period End Journal Entries Feature.
When the Multi-Book Accounting feature is also enabled, fields and controls for accounting books are provided:
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The Accounting Book field in the task header (shown in the previous screenshot) appears when the Extended Accounting Period Close Process for multi-book accounting is enabled. This field displays the option selected for the Accounting Book filter on the Period Close Checklist. For information on other effects of the Extended Accounting Period Close Process feature, see Accounting Book Period Close Management.
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A Subsidiary filter is added to the top of the subsidiary list.
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An Accounting Book filter is added to the right of the Subsidiary filter at the top of the subsidiary list. An Accounting Book column also appears to the right of the Subsidiary column in this area. If the Extended Accounting Period Close Process is enabled, you can specify an accounting book for the Period Close Checklist. When an accounting book is selected for the checklist, the Subsidiary and Accounting Book filters and the Accounting Book column of the list are hidden.
This section includes the following topics that guide you through the process and provide additional details: