Year End Close for U.S. Federal

US Federal agencies can close accounts and carry ledger amounts forward at the end of the fiscal year according to Office of Management and Budget (OMB) requirements. The process includes liquidation of unobligated commitments, generation of closing entries in General Ledger, and carrying forward obligated balances to the next fiscal year. A US Federal-specific Year-End Closing Journals report will be created that agencies can use to reconcile with the GTAS Trial Balance report.

Fusion General Ledger Allocations Calculation Manager is leveraged for the US Federal Year-End Close solution. Following are the high-level solution steps for Federal GL year-end close:

1. Configure closing rules in Calculation Manager.
2. Close open requisitions in Purchasing.
3. Generate pre-closing journal entries in Calculation Manager (optional).
4. Run preliminary year-end close journals report in Calculation Manager.
5. Run Year-End Closing Journal Status Report.
6. Generate final year-end close journals in Calculation Manager.

Business benefit:

The year-end closing process generates the required year-end closing entries which are reported to the Department of Treasury through the GTAS bulk file. Fiscal Service uses this information to meet its requirements from the Office of Management and Budget (OMB) and to compile the Financial Report of the US Government.

Steps to Enable

You don't need to do anything to enable this feature.

Tips And Considerations

No specific tips and considerations needed.

Key Resources

• For more information on year-end close, refer to the Implementing U.S. Federal Financials and Using U.S. Federal Financials guides.

Access Requirements

Use the following job roles:

• Financial Application Administrator
• Federal Year-End Close Manager