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 DeadlinesFY '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.
