Closing a period

If Lease Accounting system control is used in Global Ledger, then you must close a lease accounting period before you can close the corresponding Global Ledger period. You must close the periods to ensure that all processing for the periods are completed. Closing a period is also used to track period-to-date and year-to-date amounts.

This list shows the circumstances in which a period can be closed:

  • Outstanding payments are processed
  • Open leases that are scheduled to end within the period are closed
  • Lease-related transactions are journalized and posted
  1. Select Lease Period Close.
  2. Select Company Group or Company.
  3. Specify this information:
    Year End
    Select whether the closed period is the last period in the year.
    Update
    Select No to view a report of all the payments rejected by the closing period. The period is not closed until you have posted all of the outstanding payments.
  4. Click Submit. .