Closing the Fund Year (Fund product only)
You must close each fund separately at year-end, even if all funds use the organization calendar. You cannot close the organization year until all funds have been processed. When you close the fund year, you:
• Create a balance forward for each General Ledger account
• Close revenue and expense accounts to the fund balance account
• Restore encumbrances to the first period, if encumbrances exist
• Reset the starting date in the GL Set Up Fund window
Run this option after all entries and adjustments to General Ledger are complete and year-end processing is complete in all other modules.
To close the fund year:
1 Select Period End Tasks > Close a Fund’s Year from the left navigation pane.
This option will only be available if rights are set up to allow it.
2 In the Fund Number to Close field in the GL Close Fund Year window, type the fund number or use the Lookup to select the fund number you want to close.
3 Select OK to begin processing.
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Published date: 09/30/2021