Close Depreciation at Month and Year End
Purpose: Refer to this document to close depreciation at the end of each month in ctcLink. No additional processing is required at year end.
Audience: Financial Asset Manager, Facilities Asset Manager
You must have at least one of these local college managed security roles:
- ZZ Depreciation Processing
If you need assistance with the above security roles, please contact your local college supervisor or IT Admin to request role access.
Run the Depreciation Close process (AM_DPCLOSE) to generate period depreciation entries in the General Ledger for all depreciable assets at the end of each month. You can run this process only for accounting periods that are open in Asset Management.
Close depreciation after all the transaction activity for the period is completed, including:
- calculate depreciation
- create accounting entries
- generate journals
Only run this process once for each accounting period/month.
Close Depreciation
Navigation: Asset Management > Accounting Entries > Close Depreciation
- The Depreciation Close run control ID search page displays.
- If you have run this process in the past, select the Find an Existing Value tab to enter an existing Run Control ID and select the Search button. If this is the first time running this process or report, select the Add a New Value tab to create a new Run Control ID and select the Add button.
- NOTE: It is important to note that Run Control IDs cannot be deleted. Do not include spaces in your Run Control. We encourage the Run Control ID to have the same process naming convention but unique to the step; because of this, including your institution code and a short process description in the Run Control ID is recommended--e.g., WA010_CLOSEDEP (College, Process).
- The Close Depreciation page displays. Use it to enter the request parameters. These parameters will be used to define the processing rules and data to be included when the process is run.
- Use the Process Frequency drop-down button to select the "Always" option.
- If it did not already default, enter or select the appropriate business unit in the business Unit field.
- Enter or select "WACTC" in the Book Name field.
- Enter or select the accounting year to be closed in the Fiscal Year field.
- Enter or select the appropriate period/month # in the Period field.
- Select the Run button in the upper right hand of the screen.
- The Process Scheduler Request page displays with the AM_DPCLOSE process is automatically selected. Select the OK button to run the process and return to the updated Close Depreciation page. Write down the Process Instance number.
- Select the Process Monitor. Please refer to the Process Schedule Request steps for further instructions.
Note: A Process Instance number appears when the process runs correctly. This number helps you identify the process you have run to check its status.
- The Process Monitor page displays. Ensure the process runs to Success and is Posted.
- To view the journal created when depreciation is closed for the period/month: Navigate to General Ledger > Journals > Journal Entry > Create/Update Journal Entries.
- Select the “Finding an Existing Value” tab.
- Enter your Business Unit.
- Enter Journal ID begins with “DEPR”.
- Enter the last day of the closed month (e.g., 4/30/2024 for Period 10 Year 2024).
- Select the Search button. The search results appears below. Select the hyperlink that appears to view journal. Please click on View and Update Journals QRG to obtain additional information about viewing journal entries.
Example of a Closed AM Depreciation Journal.
Video Tutorial
The video below demonstrates the process actions described in steps listed above. There is no audio included with this video. Select the play button to start the video.
Video Tutorial via Panopto
View the link to Close Depreciation at Month and Year End. This link will open in a new tab/window.
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