9.2 Specifying Closing Rules for Interim Close

Purpose:  Use this document as a reference for specifying interim closing rules in ctcLink.

Audience: Finance and Business Office staff

Specifying Closing Rules for Interim Close

Navigation:  NavBar > Navigator > General Ledger > Close Ledgers > Closing Rules

  1. The Closing Rules search page displays.
  2. Select the Add a New Value tab.
  3. Enter SetID.
  4. Enter Closing Rule.
  5. Enter Closing Item = "Interim".
  6. Select Add.
Closing Rules Add a New Value tab
  1. The Closing Options tab displays.
  2. Enter Effective Date.
  3. Enter Status.
  4. Enter Description.
  5. Enter Ledger Template.
  6. Enter Scope:
    • "Incremental Current Period": Includes current period balance from period start date to the end of period date.
    • "Incremental Year to Date": Used for daily close, includes transactions that you have posted since the last closing process, up to the as of date entered on the Close Request page. The closing process marks the journals that it processes as Closed, and the journals are not processed in future runs.
    • "Incremental Year to Curr Per": Includes transactions starting with period 1, hat is, period 1 through the end of the current period.
  7. Enter Target Currency Option:
    • "Base currency of Prim Ledger": Uses the base currency of the primary ledger in the ledger group as entered on the Detail Ledger Group page. The ledger group is automatically entered on the Close Request page.
    • "Business Unit Base Currency": Uses the base currency of the business unit.
    • "Retain currency": Uses the source transaction's currency.
  8. To retain the offset entry in the original currency, select the Currency Code ChartField on the Journal Options page, and select "Retain Value".
  9. Enter Adjustment Period.  You have the flexibility to include multiple adjustment periods or no adjustment periods when doing an interim close - Select the Adjustment Period list.
  10. Select the Net Income/Retained Earnings tab.

 

Closing Options tab
  1. The Net Income/Retained Earnings tab displays.  Use it to identify the profit and loss (P/L) ChartField value sets and the retained earnings ChartFields for the closing.  
  2. The Close to Multiple Ret Earnings option is selected and unavailable.
  3. Use the Closing Offset Options field to specify the offset options for interim closing. Options are:
    • "Autofill Offset From First Row": Copies from the offset defined in the first row down to any offsets that are not yet populated.
    • "Fill Individual Offset": Verifies whether an offset is entered for every ChartField group.
    • "Retain All CF Value for Offset": Closes to the same date and same detail account as the source transaction. If not selected, specify the ChartField and value for the offset using the fields in the Offset Chartfields group box. If you select this option, no audit trail exists - For this example, accept the default value.
    • If your business practices require you to indicate second retained earnings account and its driver, you can select the Add a New Row icon to add another value.  ChartField Value Group Number 1 can have one Retained Earnings account number for a given P/L ChartField Value Set, while Group 2 can have another Retained Earnings for another P/L ChartField Value Set.
  4. Use the ChartField Value Set field to select the ChartField value set for the P/L accounts to be closed.  The system uses the values in these ChartField Value Sets to identify the P/L accounts that will close to the retained earnings account that you will enter in the Retained Earnings group box for the ChartField Value Group Number.
  5. Use the Retained Earnings section to identify the retained earnings account or target account, to which the P/L accounts will be closed.
  6. Use the ChartField field to specify the Account ChartField required for interim closing
  7. Select the Account list item.
  8. Use the ChartField Value field to enter the retained earnings account value that will be used as a default. This option is  required for the Account ChartField.  If you perform interim closes using an offset to retained earnings, you must use the offset account as the target retained earnings fo  the year end close.
  9. Enter the desired information into the ChartField Value field.
  10. For interim closings only, identify the ChartField and ChartField Value for the offset to the retained earnings entries.
  11. Select the Account list item.
  12. For interim closings only, the ChartField Value can be only the Account ChartField, or it can be a combination of ChartFields.
  13. Enter the desired information into the ChartField Value field
  14. Select the Journal Options tab.
Net Income Retained Earnings tab
  1. The Journal Options tab displays.  Use it to define journal options for system-generated journals created during the close. Also, use this page to specify whether you want to create journal entries for the close process.
  2. Enter Journal ID Mask.
  3. Enter Source.
  4. Enter Closing Doc Type.
  5. Enter Closing Journal Date Option.
  6. The selection of the Create Journal Entries option creates journal entries for the close transactions only. This option is automatically selected for Interim close as journal entries should always be created in the interim close process.
  7. For interim close only, select the Edit Journal(s) option to have the journals automatically undergo the edit process.  If you do not select this option, the closing process designates the journals as No Status - Needs to be Edited.
  8. For interim closings only, select the Budget Check Journal(s) option to have the journals automatically checked against the Commitment Control budget for the business unit and account.  To select this option, you must have the Commitment Control feature enabled for the ledger group, and you must have selected the Edit Journal(s) option.
  9. For interim closing only, select the Post Journal(s) option to have the journals automatically posted to the ledger.  To select this option, you must have selected the Edit Journal(s) option and the Budget Check Journal(s) check box if the Commitment Control feature is enabled for the ledger.
  10. Select Save.
Journal Options tab
  1. Process complete.

0 Comments

Add your comment

E-Mail me when someone replies to this comment