About
At the end of each fiscal year organizations typically close-out the year. This may involve reviewing and reconciling financial data, ensuring all transactions have been recorded accurately, and preparing reports that summarize the company's financial performance over the past year.
Organizations also typically take steps to prevent changing transactions in a closed year to preserve the integrity of their reports and prior auditing.
In Campus Cafe, closing a year prevents any further entries in the subsidiary ledgers for that period.
Prerequisites
Create the next fiscal year.
Create or copy your general ledger accounts and funds to the next fiscal year.
Create or copy your budget to the next fiscal year or add at least one account to the next fiscal year’s budget.
Required permissions
Module | Number | Description |
|---|---|---|
General ledger | 364 | Access to fiscal; year close and reopen |
General ledger | 434 | Ability to close or reopen a year |
Prior-to-close reports
Prior to closing a year, you may wish to review the transactions within the period. Campus Cafe delivers SSRS reports to review financials from an accounting period.
Go to Faculty/Staff > Base Reports. (Your institution may rename this menu option.)
Log in to reports.
Reports related to accounting periods are available in the Accounts Payable and Billing and Accounts Receivable folders.
Close year
General ledger year-end closing allows your institution to close a fiscal year and thus start month-end closes for the following year.
You can’t close a year until the current period is period 13.
When you close a year:
The current fiscal year moves to the next year.
The net change for all Asset and Liability Accounts and Equity Accounts as defined by the line fields in general ledger control are inserted into the beginning balance for the next fiscal year. Campus Cafe creates the accounts for the next fiscal year if they don’t already exist. If any amounts exist in any periods for the next fiscal year they will be zeroed out.
The beginning balance for all Profit & Loss accounts as defined by the line fields in general ledger control are totaled together for the prior fiscal year and added to the fund balance record for the next fiscal year. This account is specified in general ledger funds. A new account is created in the new fiscal year if it does not already exist.
Close year
Go to Accounting > GL Control.
Click Close Year.
Reopen year
You may reopen the prior year at any time during the year. This allows for auditors and other adjustments to be made and then carried forward to the next fiscal year.
When you reopen a year:
The current fiscal year reverts to the year you reopened
The current fiscal period changes to 12.
Period 12 is reopened and the last post date is set to the ending date of period 11 of the previous fiscal year.
Period 12 totals remain the same until period 12 is closed, at which time the period 12 totals will be recalculated taking into account any changes made.
While period 12 is open, adjustments can be made to the subledgers in any period on or after the period 12 begin date, including future year periods which were previously closed.
Current year period totals will remain allowing reports to be run, until the prior year is closed. Once the prior year is re-closed, all periods in the current year will be set to 0 and the beginning balances of all accounts are recalculated. All previously closed periods will need to closed as having the year open allows for adjustments to subledger accounts for any date after period 11 of the prior year.
If you reopen a period and make adjustments, any prior financial reports you have run and saved will be outdated.
Reopen year
Go to Accounting > GL Control.
Click Reopen Year.
