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.
Generates pre-closing and closing entries in General Ledger.
Allows the Year-End Closing process to be categorized by group within a time frame and within a treasury symbol
Optionally liquidates unobligated commitments, which represent reservation of funds in anticipation of legal obligations that did not occur.
Carries forward budgetary account balances from one fiscal year to another if the Track Budgetary Debit/Credit Accounts as Balance Sheet Accounts program has not been run.
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 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
A General Ledger data access set with full read or write access must be defined and assigned to the GL: Data Access Set profile for the Federal Administrator responsibility.
Treasury symbols must be defined in the Define Federal Account Symbols window.
Values for Appropriation Time Frame, Treasury Symbol, and Funds must be provided in the Define Appropriation Parameters window. Optionally, the closing method for requisitions can be selected in the Define Appropriation Parameters.
A Year-End Close record must be defined for each closing method and time frame with at least one sequence and one line of account information in the Define Federal Year-End Close window.
The general ledger calendar must have the period the journal will be posted to as open. To run the Carry Forward Budgetary Account Balances process, an adjusting period must be set up as the first accounting period and the adjusting period for the fiscal year must be open.
The FACTS I and FACTS II procedures must be executed before running the Year-End Closing process.
The Load Federal Financial Seed Data procedure must be executed to seed the general ledger categories and source used by the Year-End Closing process and the Carry Forward Budgetary Account Balances process.
Related Topics
Data Access Set profile Setup, Oracle General Ledger User's Guide
To run the Year-End Closing process:
Navigate to the Submit Request window.
In the Name field, select Year End Close Process.
In the Ledger field, select the ledger.
In the Closing Method field, select the closing method.
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.
In the Treasury Account Code field, optionally select a treasury account code.
If a Treasury Account Code value is entered in the Treasury symbol, optionally select a treasury symbol for the report.
In the Closing Fiscal Year, enter the closing year.
In the Closing Period field, enter the period that the closing journal will be posted.
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.
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.
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.
The following table describes the Year-End Closing Execution report.
| 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 |
To run the Carry Forward Budgetary Account Balances process:
Navigate to the Submit Request window.
In the Name field, select Carry Forward Budgetary Account Balances Process.
In the Ledger field, select the ledger.
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
Federal Year End Closing Open Interface in the Integration Repository, http://irep.oracle.com/ .