Overview:
Use the Close Fiscal Year window to run a fiscal year end close for a parent organizational unit (OU) (top most OU in the OU structure). This closes the fiscal year for all child OUs in the structure. The fiscal year end close is the final close of the last accounting period in your fiscal year. PENTA performs the following actions with the fiscal year end close:
- Confirms there are not unprocessed transactions dated in the year you are closing
- Generate Fiscal Year End Close Report Group
- Transfer revenue and expense balances to retained earnings
- Close jobs (update to Delete status)
- Close work orders (update to Complete status)
- Close the fiscal year, preventing any further accounting entries into the fiscal year
Once you close the fiscal year, PENTA prevents all users from posting additional transactions into the fiscal year. Typically, you should wait until posting all your final audit adjustment entries for the year before processing the fiscal year end close.
Benefits:
- All revenue and expense balances are closed into retained earnings automatically
- Transactions can no longer be posted into the fiscal year
Roles:
- Controller
- CFO
Location:
- Financial & Accounting > Processing > Accounting Closes > Close Fiscal Year
Video: