Cancel Year End Closeout Entries

Owned by Nancy Cohn (Deactivated)
Last updated: Jul 20, 2023
2 min read

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: 

  1. 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.

  2. 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. 

  3. 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

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:

  • One Entity/One Basis. Default. Cancels 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. Cancels 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

Displays the year end date to use for canceling closeout entries for the entity. 

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