Understanding Closing Worksheets

When setting up a closing worksheet, you use a standard template to record the closing entries of a house sale at the community level. At escrow closing, the system compiles a closing worksheet based on the specifications of the assigned template and the lot information in the Sales Master (F44H501), Option Master (F44H401), and Closing Worksheet Extended Data Mapping (F44H592) tables.

The system derives the business unit and subledger that are associated with each line item in the closing worksheet. The closing worksheet enables you to:

• Associate a single closing worksheet template with a particular community or with all communities.

• Generate a closing journal entry that is based on the closing worksheet.

• Map extended data to closing worksheet line items.

• Create revenue budgets.

Use the Closing Worksheet Accounting Instruction program (P44H590) to create the closing worksheet template. Within each line in the template, establish the rules to complete the closing entry. These rules include:

• Defining the general ledger accounts.

• Establishing the criteria for deriving the business unit and subledger values.

• Categorizing the entry as a typical debit or credit.

To provide for items such as warranty accruals, you can enter fixed amounts on lines on the closing worksheet.