Comptroller's Office  Policies and Procedures Manual
Effective: 01/01/2000	Revised:01/31/2013

CMP 106: Month-End Closing

To publish the month-end closing date for the PeopleSoft Financials system

University policy

The PS Financials system month-end closing dates are established by the Comptroller's Office.  The close dates are typically scheduled for the end-of business on first Thursday after the calendar month end, or if there is a split payroll between months, the Thursday before payday (see schedule below). 
 

  *  Period 13 (998 in PS Financials) is an adjustment period used for audit adjustments and typically closes after the Auditor General's Office has finished their year-end financial statement audit. As part of the adjustment period close, the actual fiscal year is closed and balances are rolled forward, including fund "balance forward" amounts shown on Enterprise Reporting status of funds reports.

** Subsidiary systems such as purchasing and expenses were closed on this date, however, the GL remained open for conversion and catch up activity.

Reporting:
Month end reports for Advantage are available in Enterprise Reporting and can be run on demand throughout the month.   Enterprise Reporting reports will have an "as of" date to identify the last update for a particular accounting period.  Once an accounting period is closed, the last "as of" date for the accounting period should reflect the close date for the period. Please note that on Friday's after the Month End Close, reports will still show the month as being open.  This is a timing issue that only effects reporting on the day after the Month End Close.

Beginning Balances for Units setup as "Special Close" will be populated in the new year after the fiscal year has closed and beginning balances have been rolled to the new year. Until such time, departments can refer to the old fiscal year ending balances to estimate their beginning balance roll-forward amounts.

Reminders:
See important reminders for processing transactions during month end close period below:

• Please make sure receivers for goods/services received in closing month are entered before the close.

• Please try to approve any unapproved expense claims that were entered and budget checked in closing month before the close. 

• Please try to approve any unapproved Departmental Journals (IDT and IST) that were entered and budget checked in closing month before the close.  A re-edit process will be run the day after the close to un-budget check closing month journals not approved. Those journals will have to be copied to a new journal as you cannot change the accounting date on journals.