General Ledger - Fiscal Period Close

Overview

The General Ledger closing processes are used to close fiscal periods and fiscal years, preventing transaction entry for those users that do not have permission to post to closed fiscal periods and fiscal years, respectively.

Note: You cannot reopen a closed Fiscal Year.

 

Roles

This screen is available to users having any of the following roles: Administrator and GL Admin.

Note that the only users allowed to post to closed fiscal periods or years are users having the Administrator role.

 

License

This screen is available with the Project Portfolio Financials family of Unanet licenses.

 

Topics covered on this help page include:

    
You may also be interested in:

 


List of Legal Entities

This screen will present a listing of all active Legal Entities (Organizations designated as a Legal Entity) in your system and reflect the earliest open Fiscal Year for each.  

From this screen you can either :

 

Field Descriptions (click on a link below for additional information):

 

 

Close Fiscal Year

Clicking on the Close Year button will:

  1. Validate the close is allowed.  Validations include:
  1. Close the current fiscal year for that Legal Entity.
  1. Generate a closing General Ledger entry that posts the net income for the year to the retained earnings account.
  2. Update the screen to reflect the new Earliest Open Fiscal Year details.
  3. Update the Previous Fiscal Year Closed By details.

 

Important: You cannot reopen a closed Fiscal Year.

 

Posting to Closed Fiscal Year -- When subsequently posting/voiding to closed fiscal years, additional year-end closing entries will be created to incorporate any new postings to Revenue or Expense accounts in those closed years.

 

The feedback received once clicking on either of these buttons will resemble the following:


List of Posting Features

This screen will present a listing of all Posting Features for a given Legal Entity and reflect the earliest open Fiscal Period for each.  

From this screen you can:

 

Note that using the various checkbox options, you can choose to close all Posting Features at once, or all Posting Features within a category (i.e., Accounts Payable), or you have the flexibility to close individual Posting Features.

Field Descriptions (click on a link below for additional information):

 

 

Close Fiscal Period

Clicking on the Close Period button will:

 

Clicking on the Reopen Prior Period button will:

 

Note that you cannot attempt to reopen a prior period if the associated fiscal year has already been closed.

 

The feedback received once clicking on either of these buttons will resemble the following:

 

Related Topics