Is it mandatory to use the below two programs during year end process ?
Close Process - Create Balance Sheet Closing Journals
Close Process - Create Income Statement Closing Journals
In some countries, it is mandatory to generate closing journal for the year end and opening journal. If it has to been done properly, the last period of the year and first period of next year need to defined as Adjusting period.
Where it is not mandatory, you need not generate closing entries and opening entries. When you open the first period of next year, the roll over will happen automatically.