Author: Paul Henriques in: Financials
As your fiscal year comes to a close, here are the 3 simple steps to perform your year-end close for the current year in OnRamp ERP.
Running the Unposted Transactions report will display a list of transactions that have not been posted to the GL accounts.
Correcting these issues may require a review to see why they were not posted. The most common reason for unposted transactions is that the fiscal date is closed at the time the transaction should have been posted.
All unposted transactions will need to be reopened on Fiscal Calendar Close [S1066].
Another reason for unposted transactions is when a customer receipt was entered in a closed fiscal date. When this happens, the receipts cannot be finalized. To resolve this, you have to change the receipt effective date to the non-closed date, i.e., the current active period.
For the trial balance, if there is a balance discrepancy, begin by checking that the balance ties to the audited trial balance. If not, then the difference needs to be addressed and corrected, usually with a journal entry.
Once the corrections are made, you can run the Year-End Close on GL Yearend Close [S1062].
Note: The Year-End Close process can be run while your OnRamp ERP environment is in use, however fiscal values cannot be posted to their respective GL accounts.