Page 73 - UNANET GOVCON: CLOSING A FISCAL PERIOD

Fiscal Year Close

A Fiscal Year is closed by Legal Entity. The Fiscal Year closing process generates a
closing journal entry that posts the net income for the year to the retained earnings
account.

All Fiscal Periods for a year for all Posting Features must be closed prior to closing the
Fiscal Year for a Legal Entity. At that point, the close year selection box on the main
Fiscal Period Close dashboard will be available for selection

Click Close Year to close the year.
Note: Retained earnings will be updated on the Balance Sheet.

Troubleshooting
• This screen will return an error if fiscal years have not yet been defined in the
system.
• Once a Fiscal Year is closed it cannot be reopened.
• Fiscal Periods for a closed Fiscal Year cannot be reopened.
• Only the System Administrator can post into a closed Fiscal Year. If entries made
to a closed fiscal year affect Revenue or Expense account balances for the
closed fiscal year, the appropriate year-end closing entry will be made for the
document as part of the posting process for that document (Retained Earnings).

• FAQ | What Are Some Considerations For Year-End Processing?
• Sys Doc | Fiscal Period Close And Fiscal Year Close

APPENDIX B: SUPPLEMENTAL INFORMATION Page 73
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