Performing Interim Closing Procedures

Interim closing involves three major tasks.

To perform an interim close:

  1. Define ChartField value sets.

    You define the sets of values for the ChartFields that you want to use as the source for the interim closing. These can be the same value sets of ChartFields that you use for year end closing or different value sets. They can include some or all the values in your chart of accounts.

    Note:

    Because the intent of the interim close is to close P/L accounts, it is required that the Account ChartField, be included in the ChartField value set (CVS).

    Specifically, you create ChartField value sets for the ChartFields that are closed to retained earnings. (ChartField value sets are defined on the ChartField Value Set page.)

    To enhance performance, use fewer ChartFields in the ChartField value set (CVS) whenever possible. Also, use fewer ChartField combinations. For example, if all other things are equal, it takes less time to close from five CVSs, all with ACCOUNT, DEPTID, and PRODUCT, than to close from three CVS with ACCOUNT, DEPTID, and PRODUCT and two CVSs with ACCOUNT, DEPTID, and OPERATING UNIT.

  2. Define closing rules.

    Define the rules for the interim close. You define closing rules using the Closing Rules component (CLOSE_DEFN).

    Specifically, you must identify:

    • Which time frame to close (for example, beginning of year to current date).

    • Which P/L accounts to close to the various retained earnings accounts.

    • Which currency to use as the target currency.

    • Which adjustment periods to close (or whether to exclude them at all).

    • Which book codes and balance sheet indicators to close (or whether to close to an account that can be overridden and retain book codes).

    • Whether to edit, budget-check, and post journals.

    • Whether to create offset accounts.

  3. Run a closing request.

    You run interim close using the Close Request page. When you request that the interim close be processed, you identify:

    • Which ledger group or ledger (or both) to close.

    • Which closing rule to use.

    • Which date to use as the as of date for the closing.

    • Which business units to close.

You can undo a close, if necessary, by using the procedures described later in the following topics:

See Processing an Undo Close.

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