1. Run all Sub-ledger reports at end of business on last day of year.
2. Run a trial balance report at the end of business on the last day of the year – this step provides you with a report that shows the general ledger balances at the same time that the sub-ledger reports will run. This report can be usefull when reconciling any differences between sub-ledger balances and the general ledger control account balances for the sub-ledgers.
3. Change the Default Accounting Year and Period after the reports have been run (please see later discussion for posting transactions to the prior year after the year-end).
4. Update the valid je posting range
5. Verify that the system date is changed before any processing begins in the new year.