Comptroller's Office  Policies and Procedures Manual
Effective: 01/01/2000	Revised: 8/04/09

CMP 106: Month-End Closing

To describe the month-end closing date for the Advantage accounting system

University policy

The Advantage accounting 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 (see schedule below). 
 

  *  Period 13 is used for audit adjustments and typically closes after the Auditor General's Office has finished their year-end financial statement audit. 

Reporting:
Month end reports for Advantage are available in Business Objects and can be run on demand throughout the month.   Business Object 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.