Use this screen to close accounting periods to data entry. The closing process also checks for unposted transactions, deletes posted timesheets in Costpoint Payroll, and changes the period's status to Closed in the Accounting Periods screen.
You must post the following transactions for the selected fiscal year and period before you can close the period: vouchers, journal entries, allocation journal entries, cash receipts, cash disbursements, manual bills, unit usage, intercompany receivables, and labor distribution (timesheets). The period you are closing must also be closed in Costpoint Fixed Assets, if applicable, before you can close the G/L accounting period. In addition, all transactions for the selected fiscal year and period must already be posted in Costpoint Inventory, Travel, and Sales Order Entry, if applicable, before you can close the G/L accounting period. You can close the period multiple times, if necessary. Once you have closed the period, you can return to the Accounting Periods screen to re-open it. Once you have re-opened the period, you must run the Close Periods process again in this screen to update data in the system.
Enter the fiscal year for the period to be closed in this required field, or select a fiscal year from the drop-down box. The drop-down box displays only open fiscal years.
Enter the accounting period you want to close in this required field, or select an accounting period from the drop-down box. The drop-down box displays only open accounting periods. When a period is closed, all its subperiods are automatically assigned a Not Available status for the selected fiscal year.
Select this radio button to test the data in the selected fiscal year and period to make sure that the period can be closed. If you do not select the Test/Close Pd radio button, you must use the Test radio button to test the data before you can close the period. Until you test, the Close Pd radio button remains inactive.
The test procedure checks in several different tables for the following: unposted vouchers, unposted expense reports, unposted advance requests, unposted company paid expenses, unposted labor distribution (timesheets), unposted journal entries, unposted allocation journal records, unposted inventory transaction records, unposted sales order entry invoices, unposted cash receipts, unposted cash disbursements, unposted manual bills, unposted units usage records, unposted intercompany receivable records.
If the system finds any unposted transactions with a status of "Hold" or "Over Budget," an information message displays on the screen (e.g., "Unposted over budget expense reports exist in the closing period. When you select close, they will be moved to fiscal year xxxx, period y, subperiod z without verifying the accounts and projects are active for this fiscal year/period combination. Continue testing?"). If you select Close Pd, the system moves the unposted transactions to the first subperiod of the following period within the same fiscal year entered in the Close Periods screen. (However, the system will not cross fiscal years for any test made in this application if you attempt to close the last period for a fiscal year.) The system does this without verifying whether the accounts and projects are active for the new fiscal year/period combination.
If the system finds any unposted transactions with a "non-hold" status (such as timesheets), the system halts the close process and displays a message (e.g., "The following journals contain unposted transactions for the period being closed. [List of unposted journals.] The transactions must be posted before the period can be closed. Note: The Revenue Journal has not been tested."). The message lists any journal(s) that have unposted transactions (e.g., Timesheets, Advance Requests, Cash Disbursements, etc.). You cannot continue the close process until you post these transactions.
As indicated in the Timing section, you must also close the same period in Costpoint Fixed Assets before you can close the G/L accounting period. Use the Close Fixed Assets Acctng Pd screen in Costpoint Fixed Assets to close the required Fixed Assets period.
The system also tests the Standard Bills, Customer Product Bills, and Project Product Bills journals for unposted entries. If any of these journals contains unposted transactions for the selected fiscal year and period, the system displays a message (e.g., "The following journals have unposted transactions in them. [List of journals.] You can continue to close the period or cancel the process. Note: The Revenue Journal has not been tested."). If you select OK, the system proceeds with the closing process.
Select this radio button to close the period. This radio button is disabled if you have not first used the Test radio button to verify whether or not the period can be closed. It is also disabled if the test located any unposted transactions with a status of "non-hold."
Select this radio button to test the period data and then close the period. This process performs the same tests that are performed when you select the Test radio button. However, if anything fails the test, the period cannot be closed. (See the Test section for an explanation of what and where the system checks and a description of possible messages.)
Use this button on the toolbar execute the close period process.
The system records entries in the Posting Semaphore table during the close process, and also updates the Posting Sequence Number table to indicate that the period is closed. The journal code for a period closing is "CPD."
Closing the accounting period sets the status of the period to Closed in the Accounting Periods table. The statuses of all subperiods and journals associated with the period are automatically changed to Not Available. This Not Available status disables data entry for that accounting period.
If you are licensed to use Costpoint Inventory, the Close Periods process checks the Inventory Transaction Status table for unposted inventory transactions. This table contains one record for each fiscal year/period/subperiod combination with unposted transactions. Because the system does not need to retrieve a large number of records, your processing time is quicker.
If you are licensed for Costpoint Payroll, timesheets that have been posted for both Labor Distribution and Payroll will be deleted for all fiscal years and periods preceding the period you are closing, as well as for the period currently being closed. If you do not use Costpoint Payroll, timesheets will be deleted from the Timesheet table if they have been posted to Labor Distribution, regardless of fiscal year and period.