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When is month end?
Month end changes each month, however, it is always the last business day of the month (please be sure to check the calendars for November/December due to the holidays).
December month end will, and often does, fluctuate due to when the holiday falls each year and GREEN DAYS will also impact December’s month end.
When should I enter my journal entries?
Journal entries should be entered as soon as you know they are necessary. In order to ensure that there is adequate time for review and approval, journals should be entered and notification sent regarding approval as early as possible.
Journals should be approved by 3:30 pm on the final business day of the month in order to allow time for review and posting by General Accounting.
All journals must be entered, edited, validated, notified, approved (if necessary) and posted within a monthly period.
What if my journal entry is not approved by the person I sent it to by month end?
The journal will not be posted to the ledger and therefore will not be reflected in your chartstring balances.
In addition to the system notification of an approval request when a journal entry is created, General Accounting regularly contacts via email, throughout the month, parties who have journal entries awaiting their approval. However, the originator of a journal entry should monitor their chartstrings on a regular basis to determine that their journal entry has been posted to the general ledger.
If the journal is not posted by month end, will I have to do the entry over again?
Yes, the journal entry will have to be re-entered. The system does not accept journal entries with a prior accounting month’s date. (Please note: notifications cannot be deleted from the system, these will still need to be marked worked in order to remove them from a worklist).
If I approve (Mark Worked) a deleted entry in my work list will this charge post to my chartstring?
No, approval of a deleted journal will not create a posting to the general ledger.