To verify the current fiscal year, go to the General Ledger, G/L Setup, Options window. Select the Posting tab and verify the Current Fiscal Year in the Posting Statistics area.
Subledger batches can be posted to future periods as long as the fiscal year has been created.
Note: If the "Auto Reverse" option is selected on a GL Entry in the last Period of the Year, then a hidden Reversing Entry is being posted in the first Period of the following Year.
To create a new year in GL:
- Make sure that the new year is in Common Services, Fiscal Calendar
- Open General Ledger
- Click G/L Period Processing, then Create New Year.
- Read the Warning and instructions before clicking Process.
- Verify and Post the new GL batch "CLOSING ENTRIES for xxxx" in order to complete the Create New Year process.
For more information on using the Create New Year feature, refer to the F1 help.
Note: If the "Auto Reverse" option is selected, then it should be unselected or else the new GL Year must be Created.