Month-end close is performed to finalize a snapshot of transactional activity for a General Ledger (GL) 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).
To stay informed of month-end close updates, subscribe to our month-end close email list.
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.
The following is a summary of activities that occur during the six-day period:
- Accounts payable (AP) 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 Systems and Reporting Operations (S&RO) on the third business day.
- iJournals (including uploads) are imported daily.
- Costing and burdening are performed daily in Grants Accounting (GA).
- GL journals are also imported and posted daily.
- The GL Mass Allocation processes for endowments and student loans are run at month-end, since 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 Information Technology Systems and Services (ITSS) preference, not a system requirement).
The majority of month-end activity involves cleaning up transactions that are still pending from iJournals, and processing incoming transactions.
Departments also calculate interest on monies owed to various funds or agencies at month-end or year-end close by referring to Resource: Money Fund Rate.
Refer to Resource: Month-End Close Deadlines for a table showing the date and time that each system closes each month.
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