Year-End Closing Rules
You must define closing rules to configure the General Ledger (GL) accounts that will be closed (source account) and the corresponding GL account (target account) to which the closed balance will be moved as part of the year-end close process.
You define closing rules in Calculation Manager in Oracle General Ledger to generate closing journal entries.
According to OMB requirements and USSGL rules, it’s recommended that GL closing rules are created to close year-end journal entries for the USSGL accounts described in the following table:
| Source USSGL Account | Target USSGL Account |
|---|---|
| 310700 (Expended Appropriation subsidiary account) | 310000 (Primary Unexpended Appropriations) |
| 490200 (Expenditures Paid) | 420100 (Total Actual Resources Collected) |
| 570000 (Expended Appropriation) | 331000 (Net Operations) |
| 610000 (Expenses) | 331000 (Net Operations) |
| 510000 (Revenue) | 331000 (Net Operations) |
| 488100, 487100 (Obligation Upward/Downward Accounts) | 480100 (Undelivered Orders - Obligations, Unpaid) |
| 498100, 497100 (Expenditure Upward/Downward Accounts) | 480100 (Delivered Orders - Obligations, Unpaid) |
Here’s what you need to do to configure year-end closing rules:
- Create a balances cube for your ledger
- Create allocation rules in Calculation Manager