Monthly Mass Closing of Sub-modules and General Ledger - 03
Purpose: Use this document as a reference for how to close the sub-modules and the General Ledger at month end.
Audience: Financial Staff
NOTE: This QRG is about closing modules as a group, but they may also be closed individually.
There are certain modules that must be closed first. (Addressed at the end of this QRG).
Mass Month End Closing of Sub-modules and General Ledger
Navigation: Main Menu . Setup Financial/Supply Chain > Business Unit Related > General Ledger > Open Periods > Open Periods Mass Update
- Enter GL in the PeopleSoft Product field in the Selection Criteria. Note, you can choose one module at a time and change each module individually, but if you choose GL you can update all the modules at one time.
- Choose the calendar 01 this represents the monthly calendar.
- Enter appropriate unit number.
- Select Ledger Group or % for all
- In the Update Selected Rows you are choosing the year and the periods you want OPEN. Note, you are not CLOSING months you are telling the system what months to leave open.
- Enter from year, from period, to year, and to period if you are closing regular months you will not be selecting “Def Adj Year” or “Def Adj Period”.
- In the open periods section select All Ledger groups.
- Select Apply.
- You are now choosing the modules you want to update with this open period. In the section “Migrate Selected to Subsystems”, identify the sub-modules to adjust with the mass update to open period. (In our example we chose AP. In most cases if you are doing Mass Update you will be choosing more or all).
- Select Migrate.
- Select Save.
- Notice in the Open Period(s) section the column “First Open” has changed. This represents the OPEN date. Anything before this will be closed.
- Look at the “Last Open” column. This is the last date this is open.
- It should be noted that the mass open may not be the most widely chosen way to open and close module. If modules are to be closed one at a time it may be more appropriate to use the “Open Period Update”. It is located along the same path as Open Periods Mass Update.
- To review the modules after you have updated the open dates you can look at the “Open Periods” in the page above or navigate to Main Menu> Set up Financials/Supply Chain > Business Unit Related> General Ledger> Open Periods> Opened Period Display. Enter the module you wish to review, and the appropriate Business Unit and Ledger Group “Actuals”.
- Select Search. If you leave the field “PeopleSoft Product” blank it will bring back a search criteria for all modules.
In the example below, AP is open with the first open date of 3/1/2018 through 6/30/18. February 28th, 2018 and before are closed periods.
Closing Modules in Order
Part of your closing will be a business decision of the college. However, the following should be considered.
- Billing should be closed Before AR because billing flows to AR
- PC has cost collection run at night and thus should be closed the day AFTER the other modules.
- Expense should be closed before AP because EX flows to AP.
- AP should be closed before Assets because AP can flow to Assets.
- Because ALL modules flow to the General Ledger, General Ledger should be closed the next day after the modules are closed.
Your processes might look like
- General Ledger