Periods - Opening and Closing

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Distribution

Director of Accounting Services

GL Administrator

Related Procedures

None.

Ownership

The Director of Accounting Services is responsible for ensuring that this document is necessary, reflects actual practice, and supports University policy.

General Ledger
N ® Setup ® Open/Close
Open and Close Periods

Open and Close Periods

Using Open and Close Periods

IS General Ledger calculates the ending account balances for the current period and rolls them forward as beginning balances for the next period.

How to Open a New Accounting Period

1. Navigate to the Open and Close Periods window.

2. IS General Ledger displays the Latest Open accounting period.

3. Choose Open Next Period. IS General Ledger calculates the ending account balances for the current period, and launches a concurrent process to open the next period.

The current period remains open.
If you open the first period of a new fiscal year, IS General Ledger automatically updates the Retained Earnings account.

4. Save your work.

You can close and reopen accounting periods in this same window.

Effective: 06/10/05

Revision: 3

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