Fiscal year closing- difference between Closing sheet & Opening transactions

Finance and Operations/AX User Forum
1

Can I know what is the difference between closing sheet and opening transaction available under general ledger periodic >fiscal year close. I need to close a year which form should i approach
It is enough to complete the process in closing sheet form or need to do something in opening transactions

Experts please clarify the above query

2

Hi Rupesh,

The closing sheet can create year end transactions (corrections) . This is optional to use.
The Opening transactions will create a new opening balance for the new year in the opening period.