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Oracle U.S. Federal Financials User Guide
Release 12.1
Part Number E13551-04
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Year-End Closing Procedures

Year-End Closing Procedures

The Year-End Closing process enables federal agencies to comply with Office of Management and Budget (OMB) requirements regarding closing accounts and carrying amounts forward at the end of the fiscal year.

Year-End Closing Process Features

Year-End Closing Execution Report

The Year-End Closing Execution report provides information on the year-end closing activities of federal agencies. The report includes information on accounts for which closing entries were generated during the Year-End Closing process. This report provides amount totals by Fund, Treasury Symbol, and Treasury Account Code values.

Note: The Journal Import Execution Report provided in General Ledger lists the status of journal imports, including exceptions and errors. This report is printed automatically on completion of the journal import process.

Carry Forward Budgetary Account Balances

Carry Forward Budgetary Account Balances is a concurrent process that copies budgetary account balances from one fiscal year to the next fiscal year. This process is usually run at the conclusion of the year-end closing activities.

Note: You can only run the Carry Forward Budgetary Account Balances process for fiscal years where budgetary accounts are not treated like balance sheet accounts. When the Track Budgetary Debit/Credit Accounts as Balance Sheet Accounts program has been run for a year, the Carry Forward Budgetary Account Balances cannot be run for that year or any subsequent years. The Carry Forward Budgetary Account Balances will error. Instead the balances are brought forward when the fiscal year is opened in General Ledger and journal entries do not need to be created to establish the balance.

Related Topics

Journal Import Execution Report, Oracle General Ledger User Guide

Prerequisites

Related Topics

Data Access Set profile Setup, Oracle General Ledger User's Guide

FACTS I Procedures

Generating the Year-End Closing Process

To run the Year-End Closing process:

  1. Navigate to the Submit Request window.

  2. In the Name field, select Year End Close Process.

  3. In the Ledger field, select the ledger.

  4. In the Closing Method field, select the closing method.

  5. In the Appropriation Time Frame field, select time frame for the report. The value All can be selected to run the process for all time frames.

  6. In the Treasury Account Code field, optionally select a treasury account code.

  7. If a Treasury Account Code value is entered in the Treasury symbol, optionally select a treasury symbol for the report.

  8. In the Closing Fiscal Year, enter the closing year.

  9. In the Closing Period field, enter the period that the closing journal will be posted.

  10. In the Mode field, select Preview or Final. The value Preview indicates only the Year-End Closing Execution report is created and no journal entries are created. The value Final indicates that journal entries are imported into General Ledger.

  11. If Final is entered as the Mode, in the Post in General Ledger field, select Yes or No.

Note: The year-end process does not use consider the rollup values for treasury account codes. If a treasury account code as a rollup, the year-end process only finds treasury symbols for that treasury account code, not all treasury account codes assigned to a rollup account code.

Year-End Closing Execution Report

No separate procedure is required to print the Year-End Closing Execution Report. The Year-End Closing Execution Report is printed automatically on completion of the Year-End Closing process.

Year-End Closing Execution Report

The following table describes the Year-End Closing Execution report.

Year-End Closing Execution Report Description
Column Description
Header Section report date, fiscal year, ledger currency, accounting period, and Ledger
Treasury Account Code Treasury Account Code from the Define Year End Closing window that falls within the appropriation time frame specified in the Year End Close program parameter
Treasury Symbol Treasury Symbol identified on the Define Year End Closing window and the Year End Close program parameter for the appropriation time frame specified in the Year End Close parameter
Fund fund value; balancing segment of Accounting Flexfield; associated with the treasury symbol for which the year end preclosing and postclosing journal entries are created
Sequence sequential number of the year end record being generated as defined in Year-End Closing window
Appropriation Status identifies the status of the appropriation as Expired, Unexpired (for multi-year and no-year appropriations), and Cancelled.
Account differentiates the From and To account classifications
Key Flexfield Segments key flexfield segments for the transactions; lists the Accounting Flexfield from GL_JE_LINES that is generated based on the account sequences and From/To account definitions captured in the Define Year End Closing window
Debit Amount journal debit amount
Credit Amount journal credit amount

Generating the Carry Forward Budgetary Account Balances Process

To run the Carry Forward Budgetary Account Balances process:

  1. Navigate to the Submit Request window.

  2. In the Name field, select Carry Forward Budgetary Account Balances Process.

  3. In the Ledger field, select the ledger.

  4. In the Carry Forward Fiscal Year field, enter the fiscal year. The fiscal year entered is the year in which the beginning balances will be established.

Note: This process completes in error when the Track Budgetary Debit/Credit Accounts as Balance Sheet Accounts program has been run for the fiscal year or for a previous fiscal year.

Related Topics

Year-End Closing Process

Federal Year End Closing Open Interface in the Integration Repository, http://irep.oracle.com/ .