Explaining Local Close for the General Ledger

Explain the technical and legal steps that need to be executed for the month/year end close.

Executing the Steps for Month-End and Year-End Entity Close
Using Posting Period Variants to Control the Opening and Closing of Posting Periods
Setting Up the General Ledger to Display Accruals and Deferrals
Executing Automatic Clearing for Regular Maintenance
Revaluing Foreign Currency G/L Balances
Running the Balance Carryforward Program
Applying Manual Adjustments
Managing Financial Statement Versions
Describing the Local Close Steps for General Ledger Accounting