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This menu option is used to close fiscal period. It is located under the Operations menu of the General Ledger module. In j-guar application, period closing transactions are done after performing reflection transaction and preparing all ledgers and financial tables at the end of the year.
Period closing is performed over the balance sheet calculations. Income/expense and reflection calculations are not included in this transaction. Period closing is performed over balance - not over debt and credit amounts.
Period closing is performed by following the steps below.
1. All records of the relevant fiscal year are posted to General Ledger.
2. Reflection transactions are completed.
3. Official ledgers and financial tables are prepared.
4. Closing slip is generated.
5. Opening slip is generated.
The criteria which will apply for the period closing transaction are set in the filter lines of Close Fiscal Period window. The filter options are:
Filter | Value |
Calculation Year | Fiscal year specified in company definition (or 2 years earlier) |
Organizational Unit | Group / Range |
Chart of Accounts | Main Chart of Accounts / Second Chart of Accounts / Third Chart of Accounts |
Balance Sheet | Balance sheet selection |
G/L Slip Type (Opening) | G/L slip type selection |
G/L Slip Type (Closure) | G/L slip type selection |
Period Closing Method | By Organizational Unit / By Subsidiary |
After completing period closing transaction, closing slip is generated on Org. Unit basis for the last day of the calculation year, and opening slip is generated on Org. Unit basis for the new period.
Warning |
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Points to consider after and during the fiscal period closing:
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