Fiscal Period Procedures

Overview

Fiscal Closing Procedures must be completed before the next Fiscal Period's End Date. Warnings will be issued as that date approaches. Financial data will be lost and will be unrecoverable if the warnings are not heeded.

Fiscal Period Closing can not be started until the System date is later than the last day of the Fiscal Period being closed.

Fiscal Period Closing must be run before performing Year End Procedures.

Fiscal Period Closing

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            Fiscal Period Closing

WARNING: Fiscal Period Closing can be performed no later than the last day of the Fiscal Period following the unclosed Fiscal Period. A warning will be issued starting at twenty days prior to the required closing date and a stronger warning will be issued at ten days prior. If these warnings are ignored, any transactions posted after the required closing date will be posted to the wrong Fiscal Period.

Step 1.  Perform Fiscal Period Closing.

 A prompt will appear asking if it is all right to proceed.

All current Fiscal Period costs for Work Orders, Contract Service Orders and Service Contracts will be charged to the appropriate Cost Centers.