The period close process
Each school must run a period close process.
Closing the period will create the school balances and update the school district balances. You can close a period before or after the bank reconciliation for the same period.
The Period close process also creates journal entries to the Global Ledger.
Depending on your school district setup, a journal is created for your school when you close a period or journals are held until all schools close each period.
The process
- All released transactions with a transaction date on or before the period end closing date are located.
- The period end balances are created at the school and district level and summarized by activity. Balances for each activity show beginning balance, receipts, disbursements, transfers and ending balance.
- The status of records is updated to Closed.
- The current period on the school is advanced to the next period.
- Journal postings with GL accounting string informaiton are created for posting activities.
Use the Journal Postings tab on the Update School form to view journal postings for each closed period.