Page 15 - Participant Guide - Unanet GovCon Closing a Fiscal Period (2)

Purchasing (if applicable)

Purchasing is the formal process a business uses to acquire goods or services.
Purchasing Commitments are commitments by a business to purchase goods or
services at some future date at a fixed price. Commitments are the earmarking of funds
in a specific fiscal period in response to an accepted purchase order. Once all
transactions are entered for Purchasing Commitments, this Posting Feature should be
closed to prevent further posting in the current fiscal period.

Verify with the Purchasing dept that all commitments have been processed for
the period.

Activity 2.2 Verify, Run, Compare, and Close Purchasing
Login as Glenda Manager (GL Manager) – glmanager / welcome.

Activity Steps
1. Navigate: Financials > General Ledger > Fiscal Period Close

2. Close Purchasing (Commitments)

3. Select Purchasing

4. Select Close Period (verify the Fiscal Period has changed to the next period)

LESSON 2: SUBLEDGERS
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