Final Close

Use this option to roll the balance of Period 13 transactions from the prior year to Period 1 of the new year. Typically, a final close is done three or four months after the end of the prior year.

Menu Path:  Fund Accounting > Periodic Routines > Year-End > Year End > click Final Close

System Processing

Running a final close has these effects:

• Prevents transactions from being entered into the prior year's Period 13.
• Updates the new year's Fund Balance account with Period 13 revenue transactions minus the period's expenditure transactions.
• Updates the new year's Budgetary Fund Balance account with the balance from the Budget Revenue Control ledger minus the balance from the Budget Expenditure Control ledger.

After the close, you cannot run this or the Interim Close option again.

Prerequisites

Before running the Final Close option:

• Back up your data using the Back Up Fund Accounting to Disk option.
• Ensure that all other users are logged out of the system.
• Verify that prior year encumbrances were rolled into the new year with the Roll Prior Year Encumbrances option. You can use this option to generate a report to find if any encumbrances remain in the prior year.
• Run the Fund Accounting > Reports > System Maintenance > Check Ledger Balances option to ensure all funds and accounts are in balance. Verify that users are logged out before running this option. Also check your balances using the Fund Accounting > Reports > Audit Trails options.
• Run the Fund Accounting > Reports > Balance Sheets options to generate a record of prior year information.
• If applicable, run the Fund Accounting > Reports > Project Status Reports option to generate a record of your project data.

Important

Make sure all transactions for Period 13 of the prior year are entered and your audit is complete before running the Final Close option.

Running a final close

1. Select Fund Accounting > Periodic Routines > Year-End > Year End to display the Fiscal Year End Processing center.
2. Click Final Close.
3. In the Final Close dialog, click Yes.
4. In the Print page, enter settings for the log that is generated if errors are encountered. The log's default file name is err_fund.rpt.
5. Click OK to begin processing. A confirmation dialog displays when processing is complete.
6. Click OK to return to the Fiscal Year End Processing center.
7. If an error log is generated, resolve the problems indicated before allowing users back in the system.
8. Run a set of Balance Sheets and compare them to the ones created before you started the year-end procedures. Be sure to review changes in Fund, Budget Fund, and General Ledger balances.