Page 16 - UNANET GOVCON: CLOSING A FISCAL PERIOD

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

Activity Steps:
1. Navigate to 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 Page 16
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