Summer Pay Fiscal Year Accruals - Final Liquidation Page

Use the Summer Pay Fiscal Year Accruals - Final Liquidation page after the last summer payroll is complete, to liquidate any remaining balances that may remain for the accruals. The Final Liquidation option will:

Create batch last year journal entries in period 13 that will credit the expenditure ledgers and debit the liability accounts.
Create batch last year journal entries in period 13 for the projects using a clearing expenditure ledger for the liquidation.
Changes the Accrual Status to C - Completed.
Changes the balance to 0.00, leaves the liquidation field to be the amount that was actually liquidated during the payrolls.

Important

You should only run this option after processing your last payroll for the summer.

Menu Path: Human Resources > Periodic Routines > Year End > Summer Pay Fiscal Year Accruals > click Final Liquidation on the Action Bar

Processing the Final Liquidation

Select Human Resources > Periodic Routines > Year End > Summer Pay Fiscal Year Accruals to display the Summer Pay Fiscal Year Accruals page.
Click Final Liquidation on the Action Bar to display the Summer Pay Fiscal Year Accruals - Final Liquidation page.
In the Final Liquidation Criteria section, select the Fiscal Year.
Since this option is only run after the last summer payroll is complete, your accruals will be in the prior fiscal year. You should always enter the prior fiscal year.
If you use project accounting, complete the Clearing Budget Unit and Clearing Account fields in the Project Liquidation section to create the final liquidation batch last year journal entries for the projects. If you do not use project accounting, skip this step.
Click OK.
Batch last year journal entries for the final liquidation will be generated for period 13 for the fiscal year that the liquidation was processed for.
Click Yes in the Confirmation dialog.
A status will display indicating that the final liquidation records were posted and will provide the control number that has been created in the batch last year journal entry option.
Click OK.

Fields

Final Liquidation Criteria Section

Field	Description
Fiscal Year	The fiscal year for the records being liquidated. This should be the fiscal year prior to your current fiscal year on the Fund Accounting Profile.

Project Liquidation Section

This section only displays if you use project accounting.

Field

Description

Clearing Budget Unit

Organization to be used to create the Project Charging batch last year journal entries for the liquidation. As indicated by the asterisks, the field's title is defined in the Human Resources Profile and may be different in your system.

The batch last year journal entry for the project liquidation will have a credit to this Clearing Budget Unit, Clearing Account, Project and Project Account and a debit to the Clearing Budget Unit and Clearing Account.

Clearing Account

Account to be used to create the Project Charging batch last year journal entries.