In the Cancel Year End Closeout Entries panel, you can manually cancel ledger year end closeout entries. With this panel, you can systematically reverse, or cancel, the fiscal year end closeout process. The system checks the Accounting Period table to determine if year end was processed. If so, it selects the most recent year end process to cancel. It updates the year end closeout flag in the ledger tables and the Accounting Period table back to N from Y.
Scenarios where you can use this panel follow. You schedule the Fiscal Year End Closeout process and/or run it for a year in the future accidentally. Or you run the Fiscal Year End Closeout process for the wrong ledger accounts due to a bad transfer account in the Ledger Item Editor.
To cancel year end closeout entries:
In Accounting Center, in the left navigation pane, click Transactions > Ledger > Year End Processing > Cancel Year End Closeout Entries.
You see the Cancel Year End Closeout Entries panel.Complete the options in the Cancel Year End Closeout Entries panel.
You can cancel entries for one or for all accounting bases for a specified entity.Click Submit.
Cancel Year End Closeout Entries Panel Options
The following are the options in the Cancel Year End Closeout Entries panel.
Option | Tag | Description |
|---|---|---|
Portfolio ID | 1163 | Specifies the unique identifier of the entity. |
Portfolio Name | 1164 | Specifies the name of the entity. |
Select Query Option | 2283 | Indicates whether to cancel year end closeout entries for one or all accounting bases for the specified entity. Options include:
|
Portfolio Currency | 86 | Displays the portfolio currency for the selected entity. This field appears if you set the Select Query Option to One Entity/One Basis. |
Accounting Basis | 21 | Specifies the accounting basis to process for the selected entity. This field appears if you set the Select Query Option field to One Entity/One Basis. |
Ledger Period Year End Date | 921 | Displays the year end date to use for canceling closeout entries for the entity. |