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In the Post Year End Closeout Entries panel, you can manually post ledger closeout entries at year end. Submitting this panel creates ledger postings that move the ledger account balances for the Transfer source accounts to the target account designated in the DB Ledger Transfers Editor page. The beginning balance in the Income, Expense, and Gain/Loss accounts is zero for the first day of the next fiscal year. The system assigns ledger entries an Accounting Date equal to the first day of the next fiscal year. 

To post year end closeout entries: 

  1. In Accounting Center, in the left navigation pane, click Transactions > Ledger > Year End Processing > Post Year End Closeout Entries.
    You see the Post Year End Closeout Entries panel.

  2. Complete the options in the Post Year End Closeout Entries panel. 
    You can post entries for one or for all accounting bases for a specified entity or composite. 

  3. Click Submit. 

Post Year End Closeout Entries Panel Options

The following are the options in the Post 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. You can specify an individual entity or a composite, but cannot specify an entity list.

 

Select Query Option

2283

Indicates whether to post year end closeout entries for one or all accounting bases for the specified entity. Options include:

  • One Entity/One Basis. Default. Posts year end closeout entries for a single accounting basis for the entity. If you select this option, you must identify that basis in the Accounting Basis field. 

  • One Entity/All Bases. Posts year end closeout entries for all accounting bases defined for the entity.

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

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Specifies the year end date for posting closeout entries for the entity. This date must match the year end date associated with the accounting period. In the List Accounting Periods panel, you can confirm that the entity/basis shows a value of Y for the ledger period year end y/n column. For details, see Manage Accounting Periods.