Fordham University            The Jesuit University of New York
 


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Monthly General Ledger Closing Procedure










Monthly General Ledger Closing Procedure



In general, the monthly close date is no more than five business days after the month end. At year-end, however, the ledger is kept opened to allow adjustments to be made, typically in the months of July and August.

The following table lists the Monthly General Ledger Closing Procedure utilizing the Financial Records system (FRS):

Monthly General Ledger Closing Procedure

Step Action

1 The Office Manager will verify that all required monthly journal entries have been entered and updated before the scheduled closing date/time. These required journal entries normally include:

Bank Transfers
Securities Transactions
Depreciation entry
Payroll updates/edits
Office supplies activity
Travel agency activity
Employee benefits entry
Internally Processed Allocations (IX) entry.

2 After the final entry for the month has been inputted and updated, the Associate Controller or the Office Manager enters a "Y" for that fiscal month in the Account Period Table (APRD).
Note: This prevents further entries to the fiscal month.

3 Monthly reports will then be run, verified and archived by the Financial Analyst responsible for report scheduling.

These reports must run successfully.

A hard copy of the archived reports must be made.

4 The Associate Controller will send a mail message to the Senior Systems Coordinator advising that all reports have been run, were verified and archived, and that the month can be closed.
Copies of this message must be sent to the:

Controller
Assistant Controller
Assistant Budget Director/Budget Operations

5 The Senior Systems Coordinator will then reopen the fiscal month by changing the:

"Y" in the APRD table to a blank

Schedule the CUFSMCLS report to close the month in the financial management system (CUFS).
Note: Once this has been done, it is no longer possible to re-open that month.

6 The Senior Systems Coordinator will then reset the APRD table to a "Y" for the month that has been closed.

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