Closing Account Assignments

Access this form using Maintain>Closing Account Assignments.

Use this form to create, edit, or delete closing account assignments.

• Closing account assignments allow you to specify which Net Asset Equity (NAE) General Ledger accounts your Revenue (REV), Expenditure (EXP), and Interfund Transfer (IFT) type accounts will close into as part of the annual close process (Activities>Close Fiscal Year) for each Fund, if applicable.
• Closing account assignments are required before a system year end close can be performed. Also, they are used for pseudo close reporting. All revenue and expenditure accounts are required to close into net asset/equity accounts. It is highly recommended that you close any interfund transfer accounts (IFT) into your net assets/equity account.

 

Account To Be Closed Fund, GL: Enter a valid Fund (if one of your segments was designated as Fund) and the General Ledger revenue, expenditure, or interfund account you are assigning to the closing account. In response, the system displays the account titles to the right.

Account To Close Into GL: Enter a valid General Ledger account code for the closing account (to be valid, a close account must have a net assets/equity account type). In response, the system displays the account title to the right.

Use Reports>Lists>Closing Account Assignments to print the data entered on this form.