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:
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: