Month End Close

Month End Close

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 Processes

July – May (see Year End close for June)

  • The accounting period officially ends on the last day of each month.  However, for practical purposes, month-end is the last business day of each month.
  • All GL journals eligible to be posted are posted by General Accounting.
  • Entries not approved or in an error status are held and the department originating the entry is contacted for corrective action.
  • All Budget journals eligible to be posted are posted by the Budget Office.
  • All Treasurer’s Office journals eligible to be posted are posted by the Treasurer’s Office.
  • All Sponsored Projects journals eligible to be posted are posted by Sponsored Accounting.
  • All Asset Management journals are created and posted by Property Management.
  • All allocations are run by General Accounting to create and post journals for Agency and A/R accounts.
  • All allocations are run by the Budget Office to create and post journals for RCM allocations.
  • The nightly batch cycle runs to create and post both actuals and/or commitment journals for:
    • Accounts Payable
    • Account Receivable (Sponsored Payments)
    • Billing for Grants
    • Bookstore
    • CASHNet
    • Contracts Management (Sponsored Prepaids)
    • Dining ID’s
    • ECM Billing
    • Endowment Distribution
    • FAMIS (Maintenance and Construction)
    • FAMIS Projects (Capital Projects)
    • Grants Management (Sponsored F&A)
    • ITS ID’s
    • Materials Distribution
    • Mailroom
    • Mycode Adjustments
    • News and Publications ID’s
    • Project Costing (Sponsored Revenue Recognition & Sponsored Fringe)
    • Parking
    • Payroll
    • Printing Services
    • RCM (Unrestricted Fringe and RCM allocations)
    • Restricted Fringe (Non-sponsored)
    • Sponsored Fringe on Commitments
    • Student Financials
    • Suspense Adjustments
    • Telecom
  • In PeopleSoft Financials on the first of the month, the prior period is closed and the current month is opened.  No journals are permitted to be posted to a month once the month is closed.
  • All final Financial and Budget month end reports are created on or about the 1st of the month for Financial Statement preparation and RCM Reporting.
  • Secure Burst Reports are generated from the data warehouse for GL/Budget and Grants and delivered to users with security access to FAB reports beginning on the 1st of the month.