Subsidiary wise tax period close

A subsidiary’s previous tax periods are closed when a tax period is closed for that subsidiary. Clear the Close box for the subsidiary to reopen the closed tax period. The subsequent tax periods that have been established for a subsidiary are opened when the current tax period is opened.

The Manage Tax Periods page shows the icons below to show the tax period’s status:

Open – All subsidiaries’ tax periods are currently open.

In progress – One or more subsidiaries’ tax periods have ended. To show how many subsidiaries have closed this tax period, hover your mouse pointer over the icon.

Closed – All subsidiaries’ tax periods have ended.

To close tax periods per subsidiary:

1. Go to Setup > Accounting > Taxes > Manage Tax Periods.
2. Click the Status icon of the posting period that you want to close.
3. On the Close Tax Period page, select the subsidiaries that this closed tax period applies to.
4. Click Submit.