GL period closure is needed per ledger.Here is checklist with some handy notes for refrence.

1. Ensure Next Period is Future Enterable or Open : You need Set the status of the next accounting period to ‘Future Entry’ if it is not already, except at year-end.While doing the year-end, it is recommended that you complete all period end processing, prior to opening the first period of the new financial year.
2. Import & Post SLA & Feeder Systems
   • Import Journals
     • Journal Import Execution Report
     • Delete Journals in Error
     • Correct via Correct Journal Import Data
     • Re-import
   • Post Journals
3. Post All Journals (after correcting posting errors)
4. Run and Review Journals Reports
5. Run Revaluation :This need to revalue account balances to update functional currency equivalents
6. Run Translation : This is Optional , need only when you define any new currencies to which accounting balances are to be translated. In that case you
   • .. Maintain period-end exchange rates for all foreign currencies to which you want to translate.
   • .. Maintain average exchange rates for all foreign currencies to which you want to translate.
   • .. Maintain historical rates or amounts for any owner’s equity accounts to be translated.
   • .. Translate account balances to any defined currency
7. Reconcile Intercompany
8. Close GL Period
9. Consolidate Ledgers
10. Run Final Reports

If you are using intercompany segments, then steps 7 will be additional for you. Therefore

• While doing Intercompany Reconcilation, you need to compare the balance of intercompany accounts for a pair of trading partners to see if they match
• Drill down to General Ledger Balances
• Drill down to journals in GL, SLA and subledger transactions (invoices, etc.)

Hope this helps.