Close Finance Book  - A summary of the activity

This activity allows you to close a finance book. A finance book is usually closed to extract financial statements for statutory purposes and also to arrive at the financial position of a company. The closure of the finance books ensures the consistency of the financial statements that are retrieved. It also ensures that there is no manipulation of data after the financial statements are published. Closure indicates that entries pertaining to any transaction that has a financial impact must have been completed. Financial entries, which have a financial impact, cannot be posted after the closure activity has been completed. All the business function groups available for a finance book must be closed before the closure of the finance book.

This activity allows you to close a “Posting finance book”, “Main finance book” or a “Consolidation finance book” as per the requirements. A finance book can be “Provisionally Closed”, “Closed for MAC” purposes or “Finally Closed”. By closing a finance book it is meant that the financial calendar comprising the financial year and the corresponding financial periods are closed. You cannot post any financial entry in the financial year and period after the closure activity is completed. Subsequent to the closure the system updates the financial data in the subsequent financial period or year. 

This activity also allows you to view the status of the business function groups available in an organization unit before closing the finance book. You can view the list of transactions that are pending for posting in the selected finance book.  You can also view the status of the selected financial year and the corresponding financial periods. This activity also facilitates you to view the details of errors that have occurred.

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