Overview: Month End Close
On this page:
Month End Close Defined Month End Transactions and Processes Typical Month End Close Cycle
FY '11 Month End Close Deadlines FY '12 Month End Close Deadlines
Month End Close Defined
Month end close is performed to finalize a snap shot of transactional activity for a period. Most processes run at month end are also run on a daily and/or weekly basis. For month end, these processes are performed for the last time for a particular month to ensure that all transactions are posted and reflected on reports. The month is officially closed when all of the month end processes are complete (including posting.)
Month End Transactions and Processes
The month being closed remains open for six additional business days in the new month in order to process all prior month transactions. Additionally, many iJournals and core journals can only be generated after the last calendar day of the month. Following is a summary of activities that occur during the 6-day close period:
Accounts Payable activity for the prior month is completed by the end of the first day of the new month. End of month payroll data is received by Financial Information & Reporting Systems on the 3rd business day. iJournals (including uploads) are imported daily. Costing and burdening are performed daily in Grants Accounting (GA). General Ledger (GL) journals are also imported and posted daily. The GL Mass Allocation processes for Endowments and Student Loans are run at month end as they depend on the above items to be done first. Also, in GA, the revenue process is run at month end primarily to save space in the GL tables (this is an ITSS preference, not a system requirement). The majority of month end activity involves cleaning up transactions that are stuck from iJournals and processing incoming transactions.
Typical Month End Close Cycle
Day 1 Month End Close Begins
Who
What
Sponsored Projects, Fund Accounting, Capital Accounting
Beginning 7:00 am, Blackout period for closing PTA's (i.e. change from "Active" to "Closed")
Financial Information & Reporting Systems Schools and Departments
OOD Gift File processed and posted in GL
Owning organization code change requests due to Central Offices See Update PTA Roles / Owning Attributes (for single PTA or mass updates)
Accounts Payable Processors
8:00 pm, Oracle AP module closed. No invoice payment transactions allowed.
Day 2
Who
What
Financial Information & Reporting Systems
Contributed capital process generated, journal entry submitted and posted
Day 3
Who
What
Sponsored Research, Capital Accounting, and Fund Accounting
Approved owning organization code change requests due to Financial Information & Reporting Systems from Central Offices
Financial Information & Reporting Systems
Payroll, PeopleSoft Feeders and Student Commitment Feeder Files processed in Oracle
Day 4
Who
What
Staff with iJournals Public responsibility
7:00 am, cutoff for creating iJournals
See Quick Steps: Create or Upload an iJournals
Staff with iJournals Specialist & Central (including Feeders) responsibility
5:00 pm, cutoff for creating or uploading iJournals, Feeders or iBudget Fund Transfers See Quick Steps: Create or Upload an iJournals
Staff with iBudget responsibiliy Labor Distribution Adjusters
5:00 pm, cutoff for salary distribution adjustments for current month See Quick Steps: Create Salary Adjustment in LD
Transaction Approvers
5:00 pm, cutoff for approving iJournals (all types) and salary distribution adjustments See Quick Steps: Review Journal Entries (Feeder Journals)
Financial Information & Reporting Systems
See Quick Steps: Review and Approve Labor Distribution Adjustments
All prior month iJournals not approved by the 5:00 pm deadline are swept to the current month.
Central Offices
GL Mass Allocation process run for student revenue
Capital Accounting (fixed assets) journal entries submitted and posted
Day 5
Who
What
Core Journals Users (Controller's Office and
5:00 pm, cutoff for creating and approving Core Journals
Day 5
Who ORA)
What
Financial Information & Reporting Systems
GL Mass Allocation process run for endowments and student loans Owning organization changes and PTA attributes processed
Account Receivable Processors
Streamline Billing Program ran previous night; Generate Draft Revenue processed
12:00 pm, cutoff for AR Applied Payments
11:59 pm, Oracle AR Module closed. No receivable transactions allowed.
Capital Accounting
11:59 pm, Oracle FA Module closed
Day 6
Who
What
Financial Information & Reporting Systems
11:59 pm, Oracle GA and GL modules closed
Day 7
Who
What
Sponsored Projects, Fund Accounting, and Capital Accounting
After 7:00 am, PTA status changes can begin again. See Overview: PTA Request Process, Close PTA
Oracle Financials Reporting Users (i.e. ReportMart3)
Daily expenditure reports and fund reports available online, reflecting month end close transactions
See status of ReportMart3 data
