Closing a Ledger

The process of closing a ledger occurs in a series of steps, most of which must be run sequentially.

One step in closing a ledger is to promote encumbrances, and the Purchasing Encumbrance Configuration window allows you to set options leading up to, and during, the fiscal year transition. The options are:

• Setting dates after which POs & requisitions may no longer be created in the current fiscal year.

• Automatically finding the next date in the ledger when creating POs & requisitions in the blackout periods.

• Designating whether outstanding POs are to be rolled over or liquidated.

• Deciding how to handle missing account codes in the next year on POs being rolled over.

Ledger closing process

The ledger for the next fiscal year must be open before the current ledger can be closed. Click here for instructions if you need to open a ledger.

1. If needed, set the Promote Encumbrance window. Note: This step is required ONLY if you want to promote encumbrances in the current fiscal year, rather than waiting until the next fiscal year.

2. Designate purchasing encumbrance options.

3. Promote encumbrances.

4. Promote balances.

5. Mark the process as finalized.

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