Overview

 

This unscheduled year end job:

•      aggregates the actual 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.

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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.

Entries are created and post to the object code defined in parameters NET_EXPENSE_OBJECT_CODE or NET_INCOME_OBJECT_CODE, the offset posts to fund balance. The object type is NB (Nominal Balance) and the accounting period is BB (Beginning Balance).

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Parameters