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 (base reports) to review financials from an accounting period. We recommend you start with the Month Close Trial Balance by GL for All Accounts in the Business Office folder. There are other variations of this report, and additional reports in the Billing and Accounts Receivable, Accounts Payable, and Business Office folders that may be of use in month-end reconciliation.
The Month Close Trial Balance by GL for All Accounts report shows:
The beginning balance for the account.
Detail or summary transactions for the month (controlled by the report prompts).
Ending balance for the month.
The following Books are system generated and appear on the report in detail or summary depending on your selection.
CH (Charge): Revenue to various G/L accounts based on transaction code.
IN (Invoice): Offset to student A/R for per Fund Master (table GLCOMP) A/R designation or override to A/R in the transaction code.
CR (Cash Received): Cash received.
PM (Payment): Offset to student A/R for cash received per Fund Master (table GLCOMP) A/R designation or override to A/R in the transaction code.
MI (Miscellaneous Cash) Non-Student Ledger related cash received.
OA (Other amount) Offset for Non-Student related cash received.
CD (cash Disbursement) Cash disbursed for checks written or ACH.
AP (Accounts Payable) Debit to A/P to offset cash disbursed and credit to A/P to offset expenses vouched.
EX: Expenses to various G/L accounts per vouchers created.
AX: Used for reversal of voucher in a voided check.
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.
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