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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.

  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.