As we approach the end of FY 2017 (for those of you who are following a non-calendar date pattern), it’s a great time to start thinking about year-end close issues. Rather than wait until the end of closing month, getting a head start can improve your chances of closing smoothly without any issues by the closing month.

 

There are several tasks that need to be completed as part of the closing process; including closing the accounting period, changing the financial reporting date and closing the fiscal year.  Before closing the year, there are several other tasks that need to be performed before the annual close can take place:

 

  • Verify General Ledger Automatic Accounting Instructions (AAIs)
  • Set up Leger Type points to close to retained earnings
  • Enter period-end accruals
  • Review and post all batches
  • Verify data integrity
  • Reconcile General Ledger to bank accounts
  • Run monetary account valuation and financial reports

 

In addition to these tasks, organization should develop their own detailed closing tasks and include them in their internal documentation.

 

You can also review these knowledge articles for more information on the Annual Close Process:

  • Overview of Annual Close Report (R098201) (Doc ID 664688.1)
  • Frequently Asked Questions on the Annual Close Report (R098201) (Doc ID 664687.1)