Period-End Procedures: General Information

Although you can close periods in the AP subledger and in the general ledger at the same time, you may decide to close periods in the AP subledger separately in your system. On the Manage Financial Periods (GL503000) form, you can find information about the status of periods.

Learning Objectives

In this chapter, you will learn how to do the following:

  • Perform account reconciliation
  • Close a financial period in AP

Applicable Scenarios

You perform account reconciliation and close a financial period in the following cases:

  • You want to make sure that the AP and GL account balances are the same, which indicates that there are no unposted documents in the period that you want to close
  • You want to close a period to prevent users from posting to it

Closing of a Period in a Subledger

Before you close a period in the subledger, you should make sure that there are no unreleased documents that are to be posted to this period. To close periods, you use the Close Financial Periods (AP506000) form.

When you close a given financial period in the AP subledger, all preceding open periods will be closed in the subledger as well.

Tip:
You may need to reopen a financial period if it has been closed by mistake or if you need to post any adjustments to this period. For details, see To Reopen a Financial Period in Accounts Payable.