Year End FAQ

This FAQ covers common questions that may come up during year end processing.

Use this article for quick guidance on periods, postings, and timing related questions.

A closed period should only be re opened when a correction is required.
Before re opening a period, review the impact on reporting, reconciliations, and year end activity.
If you need to make a correction, confirm which fiscal month and fiscal year should be updated.
After the correction is complete, close the period again to maintain control over posting activity.
If your organization has internal approval requirements, complete those steps before making the change.

First, confirm whether the journal entry should be reversed, corrected, or re entered.
Review the effective date, fiscal month, and fiscal year used on the transaction.
If the entry has already posted to the General Ledger, determine whether your process allows a correcting entry in the proper fiscal year.
If an adjustment cannot be completed through a standard form, contact your support team for guidance.
Document the reason for the correction and keep notes for audit support.

In many cases, organizations begin posting in the new fiscal year before all prior year activity is complete.
This depends on your internal process and the specific transaction type.
Before posting, confirm that the fiscal year is open and that the transaction is being entered with the correct fiscal month, fiscal year, and effective date.
Be sure the posting does not interfere with final prior year adjustments, reconciliations, or reporting.
If you are unsure, review the timing with your finance team before proceeding.

If a depreciation run was missed, review which period was affected and identify the assets involved.
Confirm whether depreciation should be recorded in the original period or in the current open period based on your accounting process.
Before making corrections, review the impact on financial reports and asset balances.
If your process requires a backdated correction or a manual adjustment, coordinate with the appropriate team before proceeding.
Keep documentation of the missed run and the corrective action taken.

Year end questions often relate to timing, posting periods, and corrections.

When reviewing year end activity, always confirm the fiscal month, fiscal year, effective date, and reporting impact before making changes.

Find answers to common year end questions about periods, fiscal years, and transaction timing.