General ledger year-end enhancements
Important
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| Enabled for | Public preview | General availability |
|---|---|---|
| Users by admins, makers, or analysts | - | 
Jul 30, 2021 |
Business value
This feature provides additional visibility and control around the year-end close process by showing when a year-end close was run, the company it was run for, and the fiscal year that was closed. It also enhances the setup and reversal experiences.
Feature details
The enhancements to the year-end close process include the following:
- Moves the setup of the year-end closing templates to a new setup page. The existing year-end close page will change, similar to the general ledger foreign currency revaluation, where a list will indicate each of the times the year-end close has been run or reversed. An accounting manager can initiate the year-end close from the new page.
- Lets accounting managers reverse a year-end close by selecting the most recent fiscal year and then selecting Reverse year-end close. The reversal will delete the accounting entries for the previous year-end close, but won't rerun the year-end close automatically.
- Requires voucher numbers when closing a year, where in previous versions this was optional (based on a parameter setting in general ledger).
- Maintains the history and audit trail of previously closed years by company and year.
The following additional year-end close enhancments will come in a future release and a new release entry will be added:
- Lets you specify balance sheet financial dimensions in detail when you close a year. This functionality now parallels the capability that's available for profit and loss accounts.
- Improves overall performance so that the year-end close process runs more efficiently.
See also
Year-end close (docs)