Before Creating a New Year

• Use the Fiscal Calendar form in Common Services to define the new year and to ensure that the closing period is unlocked.

• Make sure you have entered the correct default closing account on the G/L Options form.

• If you close by segments, be sure to specify the retained earnings accounts for each segment code on the Segment Codes form.

• Back up your data.

You may also wish to

• Enter and post all outstanding transactions for the year that is ending. If you import batches, import and post the batches you need for the year.

• Print and clear outstanding posting journals.

• Print financial statements.

• Print any other reports and listings you need for your audit trail and other records.