1856065 - Cannot Close Fiscal Period 001

You try to close fiscal period 001 of fiscal year YYYY, but the system gives the error message: Closing of period 001 not possible: Previous fiscal year not closed;

But you check in the system and find out that all the fiscal periods of the previous year are blocked.

The system works as designed, as the previous year YYYY-1 is not closed, you cannot close the first period of YYYY.  Meanwhile, just closing all accounting periods of year YYYY-1 does not mean that the whole fiscal year is closed, once you have closed all accounting periods of the fiscal year to be closed for all closing steps, you have to close the fiscal year as a whole.

Before you can close a fiscal year, the following prerequisites must be fulfilled:

• The preceding fiscal year is closed.
• You have performed the depreciation run for the fiscal year.
• You have performed balance carryforward in the second step. This posts the following:
• The closing balances for the balance sheet accounts and the opening balances in the following fiscal year. The Balance Carried Forward column indicates whether the balance sheet accounts have been carried forward.
• The annual net profit/loss for the profit and loss accounts. The Result Posted column indicates whether the annual net profit or annual net loss was posted.

When balance carryforward is performed in the second step, the fiscal year is automatically locked against postings. Nevertheless, you still need to formally close the fiscal year before you can open a new (third) fiscal year:

1. Go to the General Ledger work center, and choose the Master Data view.
2. Select Set of Books and Assigned Companies subview.
3. Select the combination of Set of Books and Company in question, and choose Edit Fiscal Years.
4. Select the Fiscal Year YYYY-1, and then choose Close Fiscal Year.

The Fiscal Year Status of year YYYY-1 is then shown as Blocked, and you can go ahead and close period 001 of fiscal year YYYY.

For more information, please go to Help Center, and search Closing Fiscal Years.

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