Closing Financial Calendar for a particular sub-ledger in Acumatica.
The financial calendars in Acumatica consist of the fiscal years where each year consists of the number of financial periods. Acumatica provides its users to add a 13th financial month, where they can make accounting adjustments related to bad debts, write-offs, and other incomes/expenses. It depends on the user whether they want to opt for a monthly accounting period or 13 accounting periods.
Use Case: Let us suppose that the user wants to close all the financial periods for AP subledger for the year 2022 of Sweetlife company. The data in the following steps are based on the U100 dataset of Acumatica.
In order to close, below mentioned are the steps:
After logging into Acumatica, navigate to the Payables module.
From the Payables workspace, select Close Financial Periods (AP506000) form under the Processes category.
Select the Sweetlife company in the Company field.
The Action field will be auto-populated with Close action.
Select the year 2022 in the To Year field.
This will list down all the fiscal periods for the selected year.
Now select the checkbox for all the periods.
Select the Unreleased Documents button to check if any unposted/unreleased docs are there to be released/posted.
If there are any unreleased docs the system would show up the list. It is required to be posted/released such documents.
If not then, click on OK button in the pop-up dialog box.
Click on the Process button. This will open up the processing dialog box which will update the status of all the periods that have been processed.
Hence, in this way the financial period for the AP subledger for the year 2022 has been closed.
In order to check the status of the same, search or navigate to the Company Financial Calendar (GL201100) form.
Select the year 2022 in the Financial Year field. And hence, the status will be displayed as follows.
Similarly, users can close the financial periods for other sub-ledgers from the respective workspaces.
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