Close Year End if there are Intregity report issues.

Question:

 

Can I close my company (companies) at year end if I have out of balance conditions on my integrities? What are the ramifications if I do close the year with issues?

 

 

Answer:

 

You can close a year without getting all the integrities clear but you would be taking a chance of having incomplete data for your financials if you do so. Also be aware that closing with integrity issues might necessitate a subsequent close to correct balance forward amounts and adjust retained earnings once integrity issues are resolved.

The integrity report Account Balance to Transactions (P09705) compares each account balance in the Account Balance (F0902) file to the total of all G/L transactions by account in the General Ledger (F0911) file and lists any discrepancies. It is very important to make sure your F0902 is correct so your financial reports are accurate.