ctcLink Reference CenterFinanceGeneral Ledger General Ledger - 03Monthly Closing of Sub-Modules and General Ledger - 03

Monthly 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.  
NOTE: The modules may be closed as a group, but this QRG is only showing individual sub-module closing.

Audience: Financial Staff

NOTE: There are certain modules that must be closed first. This is a college business decision that will be discussed at the end of this QRG.

Month End Closing of Sub-Modules and General Ledger

Navigation: Main Menu > Set up Financial/Supply Chain > Business Unit Related > General Ledger > Open Periods > Open Period Update

  1. Enter the appropriate information in the PeopleSoft Product pull down (note, if you leave it blank you will see all modules.)
  2. Enter appropriate Business Unit. (Note, if you leave the Business Unit blank it will pull all business units you have access to.)
  3. Enter Actuals for the Ledger Group.
  4. Select Search.
Open Period Update page
  1. The result will be a list of the modules. (If you entered the PeopleSoft Product (module) it would go directly to the page and not give a list from which to choose.
  2. In order to close a specific module choose from the list.
  3. Example chosen is AM.
  4. Select AM.
Find an Existing Value tab
  1. Notice that the actual page says “Open Period Update”.  When closing a month you are actually setting PS for the months that need to be OPEN; you are not actually closing months. The example below says that from 3/1/18 PS is open.  Thus since the system is “saying” it is open from March onward it is in a sense  “closing” from the last day of February and before.
  1. Change the date in the "from year" and the "from period" to the appropriate period that should be OPEN.
  2. Select Save.
  3. You will go through each of the modules and set the open periods.

Closing Modules in Order

Part of your closing order 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 submodules are closed.

Your processes might look like

  • Billing
  • AR
  • Expense
  • AP
  • Assets
  • PC
  • General ledger

 

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