if we don't perform finally closed in the year end, will there be an impact?
what is the impact??
we just closed and proceeding for next fiscal year. is this ok...

Dear
If the close period not Final close! that you can follow the next year but you cannot follow the 3rd year reporting with out the 1st Year End processes
when you need to follow the next fical year with out the final year end you must run the session Close Year Provisional to start the begining balance of the next fical year.
welcome to LN finance Users
Regards,
Poowanai

we are closing provisional close and transfer cl.balance to op.balance tfgld6201m000..agreed.
my question is it mandatory or not and what impact on close/final close??

If you not follow to final close the periods that you cannot complete the Year End Closing. the diff. of Close and Final Close the close you alway can to repoen the periods, The final close you cannot to repoen the periods. The final close are the madatory processes to complete the year end processes.
Poowanai

Hi,

Final closing is not a mandatory process and you can very well continue with the future periods without final closing.

However it is recommendatory to finally close those year whose accounts have been finalized and audited. Because audited books should not be open to be modified.

Hope this will be useful.

With regards,
Vivek S

Dear vivek,
if we don't perform finally closed in the year end, will there be an impact?

Ans:-
Its impact because without finally closed you can not perform the year end closing.
Without Year closing procedure, you can not print the correct trial balance of next comming year to the current year.
becasue we can process provisional closing only for one year. i.e current year & next comming year. .... Current year field in provisional closing session is updated automatically after closing year procedure.

thanks ..noted your point