Page 8 - Participant Guide - Unanet GovCon Closing a Fiscal Period (2)

LESSON 1: FISCAL PERIOD CLOSE PROCESS

Learning Objectives

• Analyze the Fiscal Period Closing process performed in Unanet
• Determine which financial reports to use to ensure accurate transaction
processing
o Analyze Financial Reports:
• GL Summary (Trial Balance) report
• GL Details report

Introduction

A financial Fiscal Period Close is performed to preserve the financial information that
has been reported on, internally and externally, and to ensure financial statements are
accurately reflected in the current fiscal period.

Lesson 1 Overview Video (for SDL only)

Fiscal Period Close
The Fiscal Year setup enforces the fiscal years and periods of a company’s financial
calendar. Fiscal Years must be established before any transactions can be generated.
Fiscal Years will need to be defined in Unanet for reporting, financial documents,
postings, and assigning/planning.

To lock down the financial data, Unanet provides fiscal period close functionality
grouped by Posting Feature. Posting Features are closed to prevent further posting in
the current fiscal period. Once closed, the transactions will be captured in the next
available open fiscal period. Posting Feature groups are mutually exclusive which can
be closed all together or individually throughout the closing process to facilitate the
procedural needs of Closing the Fiscal Period.

The Closing Posting Feature Groups include:
• Accounts Payable
• Accounts Receivable
• General Ledger
• Invoicing & Posting
• Purchasing

LESSON 1: FISCAL PERIOD CLOSE PROCESS 8

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