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Balance Carryforward for Previous Fiscal Year

Hi,

Appreciate if I can get any clarification from experts.

For all set of books, the fiscal year starts from 2017 (Calendar Year). Understand that if I don't perform balance carryforward for previous fiscal year, I am unable to close all periods in fiscal year 2017. I would encounter error message as per below:

Cannot close all periods in fiscal year <fiscal year>; Bal.Car.Fwd. not finished.

Questions:

1) Do I need to create fiscal year 2016 and perform balance carryforward as a technical requirement in order for me to close all periods in fiscal year 2017 successfully on December 2017?

2) If answer for question (1) is yes, when do I need to perform the balance carryforward? Before system Go-Live on July 2017 or I can do it at December 2017?

Thanks

Regards,

DK

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1 Answer

  • Jun 21, 2017 at 05:07 AM

    Hello Dk,

    If you have started using the system with the year 2017 (Data migration happened for the year 2017) then there is no need to create the year 2016 and then do balance carry forward for 2016 just to close the year 2016.

    Regarding closing fiscal year 2017, general steps are as follows

    1) Complete the pre-requisites such as depreciation runs, transaction document postings etc.

    2) Close all the period except last period which is period 12 for 2017 since you are following calendar year as fiscal year

    3) Perform balance carry forward for year 2017 (step -1 and step -2)

    4) Block the period 12

    5) Close year 2017

    Regards,

    Harshal

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