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How To Close Period

Actual cost 1. Run Preliminary Inventory Close Period: Run the GMF Period Close Process for Process Organizations program with Final Close = No. Its then a preliminary close period, i.e. the period is closed to transactions, but may still be reopened. OPM Financials > Reports > Standard > Run > GMF Period Close Process for Process Org.

2. Run Actual Cost Process: The period in the cost calendar must be in either Open or Frozen status to run the Actual Cost Process. If the period has the status Closed it cant be selected anymore. Error(s) from this process can be checked in Action Menu > View Error Messages. OPM Financials > Actual Cost > Actual Cost Process

3. Run Preliminary Cost Update Process: Launch the Cost Update process. At this stage, it is still recommended to avoid the Final Update option. This to allow to be able to review and change component costs if necessary, and also to run another cost update. OPM Financials > Cost Update

4. Run OPM Accounting Preprocessor: The OPM Accounting Preprocessor creates the events in SLA tables. OPM Financials > Reports > Standard > Run > OPM Accounting Pre-Processor

5. Run SLA Create Accounting Process in Draft mode: Run the Create Accounting program in Draft Mode. The Draft Mode allows accounting distributions to be amended in SLA (if required). OPM Financials > Reports > Standard > Run > Create Accounting

6. Review Journal Entries: As soon as all accounting entries are correct, this step can be skipped. OPM Financials > Cost Update Menu: Action > View Error Message

7. Run Final Inventory Close Process: Run the GMF Period Close Process for Process Organizations program with Final Close = Yes. The period will then be definitively closed to any transaction and it will be impossible to reopen it. OPM Financials > Reports > Standard > Run > GMF Period Close Process for Process Organizations

8. Run Final Cost Update Process: Launch the Cost Update process. Specify that the update is final (by ticking the Final Update check box); this locks the raw material costs for the specified period. The period in the cost calendar will be at the status Frozen. You can then export these costs to the proper General Ledger accounts. OPM Financials > Cost Update

9. Run OPM Accounting Preprocessor OPM Accounting Preprocessor creates events in SLA tables. OPM Financials > Reports > Standard > Run > OPM Accounting Pre-Processor

10. Create Accounting and Export to GL Run the Create Accounting program in Final Mode. When choosing the Final Mode, there is also the option to directly Post to General Ledger. With the 'Post in General Ledger' option= Yes, the Create Accounting process will transfer to General Ledger the only Journals created during that particular run. Thus, if 'Post in General Ledger' option = No, then the concurrent request 'Transfer to GL' needs to be ran to transfer the SLA journals to General Ledger in previous Create Accounting runs. OPM Financials > Reports > Standard > Run > Create Accounting