Overview of Closing the General Ledger

There are 2 types of general ledger closings: monthly and yearly. Monthly closings are performed at the end of the month after all financial transactions are finished. Yearly closings are performed at the end of a specific time period, such as the end of the calendar year or the end of the fiscal year, after all financial transactions for that time period are finished and audited. Once a year is closed, you cannot modify that year’s information.

For general ledger closings you can:

• Close the general ledger for a month

• Close the general ledger for a year

• View closed journal activity

• Modify general ledger closing dates