Closing an asset period

Before you close an asset period, you must release assets and run the Asset Depreciation Calculation and List.
  1. Select Close Processing > Close Period.
  2. Specify this information:
    Release
    • Select No With Error Report to run this process in report-only mode. An error report is created and records are not updated.
    • Select Yes No Error Report to process the period close.
    • Select Yes With Error Report to process the period close and create an error report. Because this selection affects the performance of closing an asset period, you must consider time constraints and the number of assets. After the process is run with this option, the period is closed and it cannot be reversed.
    Totals
    Select how the total is categorized. For example, you can choose to summarize by account, or by asset.
  3. In the Report Distribution section, select a distribution list and export type for these reports:
    • Asset Period Close Report
    • Asset Period Close Error Report
    • Asset Period Close Non Posting Report
  4. Click Submit.