The close nominal activity process:
• aggregates the revenues earned and expenses incurred during the year and calculates the difference,
• posts the resultant deficit or surplus to the institution's net assets, and
• resets the revenue and expense buckets to zero for the new fiscal year.
All GL balance entries for the fiscal year being closed are examined. These entries can be summarized by Chart of Accounts code, account number, sub-account number, object code, sub-object code, balance type, and object type. Each combination is considered as a unit of work in the application of the following business rules.