Page 39 - Participant Guide ebook - Unanet GovCon Using General Ledger

APPENDIX B: SUPPLEMENTAL INFORMATION

Fiscal Period Close (Month-End Close)

The General Ledger closing processes are used to close fiscal periods and fiscal years,
preventing transaction entry for those users that do not have permission to post to
closed fiscal periods and fiscal years, respectively.

• Close Fiscal Period: Fiscal Periods can be closed by Legal Entity by Posting
Feature (i.e., Vendor Invoice, Vendor Payment, Customer Payment, etc.). A
Fiscal Period may be re-opened if closed incorrectly so long as the Fiscal Year is
still open.

• Close Fiscal Year: A Fiscal Year is closed by Legal Entity. The Fiscal Year
closing process generates a closing journal entry that posts the net income for
the year to the retained earnings account. All Fiscal Periods for a year for all
Posting Features must be closed prior to closing the Fiscal Year for a Legal
Entity. At that point, the close year selection box on the main Fiscal Period Close
dashboard will be available for selection.

• Note:

o A closed Fiscal Year cannot be reopened

o Only the system Administrator can post into a closed Fiscal Year

Users should have procedures for period-end processing, which may be different for
every company. A recommended list of activities may be found by searching:
Support - Procedures for Financials End-of-Month Close

Help Docs - General Ledger - Fiscal Period Close

APPENDIX B: SUPPLEMENTAL INFORMATION
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