The Close Current Period task completes the following at the end of the accounting period

• Advance the current account activity balances the number of periods selected (typically one)
• Advance the current period ending date and the number of periods selected (typically one).
• Open a new accounting period.

In addition to the above, depending on your GL Settings, Close Current Period may also mark the previous accounting period as closed.

 NOTE: If you are in the last period of your fiscal year, use the Close Fiscal Year task to close the year and advance the period. You cannot use the Close Current Period task to advance past the fiscal year-end. For more information on closing the year, see How do I close the fiscal year in General Ledger?.

Preparing to close the current period

1. Verify that all other applications have completed processing for the period.
2. Go to General Ledger, Tasks, Record Entries to enter adjusting journal entries.
3. If using recurring entries or auto-reversing entries, from the Tasks menu, select Post Automated Entries, Recurring Entries or Auto Reversing Entries, as applicable, to create the current month's entries.
4. Post any entries that affect the current period to ensure that all account totals are updated.
   1. Run the General Ledger, Reports, Entries, Entries by Batch.
   2. Select the new file to determine which batches have not yet been posted.
      • Any batches that you fixed will net to zero by account and date.
      • You can move the fixed future or past dated items new to new to remove them from the new file only if the entries net to zero by account and date.
      • You can use the Entries by Account report with date ranges to confirm that the entries are net to zero by account and date before moving them to a junk folder.
5. Reconcile General Ledger using your company’s procedures. After you ensure that the General Ledger is in balance, reconcile other applications to the General Ledger to ensure that your sub-ledgers are in balance.
6. Print financial statements.

Closing the current period

1. Go to General Ledger, Tasks, Post Entries and post.
2. Get all users out of Sage since all other applications interface with General Ledger.
3. Make a backup of your data. See How to Back up Company data with System Administrator including SQL Replicator
4. Go to General Ledger, Tasks, Close Current Period.
5. Read the information on the opening window and click Next to continue.
6. If your General Ledger master file has been backed up, select Yes in the Backup Question window.
7. Click Next to continue.
8. If your fiscal entity is set to Prefix, in the Prefix Selection window, select how to close prefixes. If you choose to close selected prefixes, a Select Prefixes window will open. Select the prefixes to close and click Next to continue.
9. Enter the number of periods to advance. Click Next to continue.
10. In the Summary window, verify that the current period end date and the new period end date are correct. Click Back to return to previous windows and change your selections if necessary. When ready, click Finish to continue.
11. Select the appropriate print selection options and click Start to continue.
12. View the Close Current Period Report to ensure that the Close Current Period is completed successfully.

 NOTE: Other applications can't use the General Ledger master file while you're closing the current period in General Ledger.

Which applications have a close period, month, or year task?
What are the recommended month-end reports?
What are the recommended month-end closing procedures?
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