Close Period (Month)
- Robert Lenk
- Chris Barrett
- Sarah Marciniak
About
The period-end close, alternatively known as month-end close, is a process in which the four subsidiary ledgers and general journal entries are closed to the general journal to enable printing of financial statements such as budgetary reports and balance sheets. Closing a period also prevents any further entries in the subsidiary ledgers for that period.
Prerequisites
Record all transactions for the period you’re closing.
Required permissions
Module | Number | Description |
|---|---|---|
General ledger | 364 | Access month-end close and reopen |
General ledger | 364 | Ability to close or reopen a period |
Prior-to-close reports
Prior to closing a period, 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 period
A period is a smaller part of your fiscal year, typically a month. You typically close these after the period has ended and you’ve reconciled your accounts.
Go to Accounting > GL Control.
Note the Current Period and click Close Period.
The Current Period advances to the next period.
Reopen period
A period is a smaller part of your fiscal year, typically a month.
If you need to make an accounting transaction in a closed period, you must reopen the period.
If you reopen a period and make adjustments, any prior financial reports you have run and saved will be outdated.
Go to Accounting > GL Control.
Click Reopen Period.
The Current Period advances back to the previous period.
