Close the general Ledger Before Month End Closing-

Hi All,

Use the following information to complete monthly closing procedures for General ledger. All procedures are optional, and you might not be able to complete a procedure, depending on the options that are selected in the Configuration form.

1. Complete closing tasks for all other modules.  See Close Accounts receivable overview, Close Accounts payable overview, and about inventory close.
2. Verify that all journal vouchers for the month are posted.  Post and print a journal or journal lines.
3. Use the Foreign currency revaluation form to process the currency foreign currency revaluation to generate any unrealized gain or loss amounts due to currency fluctuation. Perform a foreign currency revaluation.
4. Settle transactions for each ledger account with transactions from the same or other ledger accounts in the Ledger settlements form. See Settle transactions between ledger accounts.
5. Use the Process allocation request form to process allocation rules. See Process an allocation request.
6. Use the Journal form to enter and post any manual period-end adjustments. See Journal header (form).
7. Journalize transactions monthly in the Journalize transactions form and view the Ledger journal report to verify the information, see Journal header (form).
8. In the legal entity that is set up for consolidation, consolidate and verify the changes in the Consolidations form.  See Consolidate transactions.
9. Print the Trial balance, Account statement, financial statement, and required reconciliation reports.
10. In the Ledger calendar form, select the fiscal year and period to modify, and then select on hold or closed in the Period status field to prevent users from posting transactions in the closed month. You can reopen a period that is on hold, but you cannot reopen a closed period.

You can also complete the following procedures, and might legally be required to do this.

1. To calculate the sales tax that is due for a specific period, use the Sales tax payments form. (Click General ledger > Periodic > Sales tax payments >Sales tax payments.)
2. To print information about trade between European Union (EU) countries/regions, use the intrastate form. (Click Organization administration >Periodic > Foreign trade > Intrastate.)
3. To print information about EU sales for value added tax (VAT) declaration purposes, use the EU sales list form. (Click Organization administration >Periodic > Foreign trade > EU sales list.)