Overview:
The Close Accounting Period window allows you to initiate the process that closes an accounting period within the current fiscal year for a Balance Sheet organizational unit. Once an accounting period has been closed, only a few select individuals will have the accounting authorization level required to make adjustments to the period.
Benefits:
- Locks down the accounting period to ensure the financials/transactions do not change outside of an audit adjustment or similar exception
Roles:
- Controller
- CFO
Location:
- Financial & Accounting > Processing > Accounting Closes > Close an Accounting Period
Video: