Prior to the Year End Closing, please ensure that Period Code has been setup for the new year. This will enable Standard System Parameter Current Period to be updated to the new January automatically after Year End Closing performs.
Next, Calendar is also required to be setup for Employee and Contract for the new year.
The standard Month End Closing must be completed before proceeding with the Year End Closing.
During the Year End Closing, the balances of ANL, MCL, and HOS in the whole year are reconciled, updated and stored at the Employee Information database .
Additionally, ANL is reset, with options to either carry it forward or initialize it; MCL and HOS are also initialized.
Finally, the entitlements for ANL, MCL, and HOS are processed for the upcoming year.
It is mandatory to set up the Period Code for the upcoming year before performing the Year End Closing.