After asking you to enter a year, the process deletes all records for that year. The process does not allow you to delete any records from the current year. If the year you enter is later than the current year, an error message is displayed and no records are deleted.
Once the general ledger balances records have been deleted for a year, you cannot print any of the period end financial reports for that year. It is recommended that you make sure you have print outs of all your financial reports before deleting the general ledger balances records.
Keep in mind also that the balances from the last period of the previous year are used in calculating the balances for the first period of the current year. So do not delete the previous year's balances until you have closed the first period of the current year and, you are sure you will not be reopening it. This process should be run with extreme caution.