Closing an asset period

Before you close an asset period, you must release assets and run the Asset Depreciation Calculation and List. If depreciation approval is enabled at the company level, the depreciation must be approved by the approver before the period is closed.

Select one of two ways to close an asset period:

  1. To close an asset period using Close Period - old, use these steps:
    1. Select Close Processing > Close Period - Old.
    2. Specify this information:
      Finance Enterprise Group
      Specify the name of the finance enterprise group.
      Update
      If No With Error Report is selected, errors are validated and listed in the Errors tab of the processing results. The period is not closed, and records are not updated.

      If Yes No Error Report is selected, errors are not validated, the period is closed, and no error report is generated. We recommend this option if errors are identified and fixed already or if no changes were made to the account or dimension status or to valid pairs, or if the No With Error Report has already been used.

      If Yes With Error Report is selected, errors are validated and are listed on the Errors tab in the processing results, and the period is closed.

      Book
      Specify the book or the book group but not both.
      Book Group
      Specify the book or the book group but not both.
      Company
      Specify the company or the company group but not both.
      Company Group
      Specify the company or the company group but not both.
      Posting Date
      If the posting date is not specified, then the current period end date is the default value. If the posting date is specified, it must be in range between the current period begin date and current period end date.
      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 the Asset Period Close Report, Asset Period Close Error Report, and the Asset Period Close Non Posting Report.
    4. Click Submit.
  2. To close an asset period using Close Period, use these steps:
    1. Select Close Period.
    2. Specify this information
      Finance Enterprise Group
      Specify the name of the finance enterprise group.
      Update
      If No With Error Report is selected, errors are validated and listed in the Errors tab of the processing results. The period is not closed, and records are not updated.

      If Yes No Error Report is selected, errors are not validated, the period is closed, and no error report is generated. We recommend this option if errors are identified and fixed already or if no changes were made to the account or dimension status or to valid pairs, or if the No With Error Report has already been used.

      If Yes With Error Report is selected, errors are validated and are listed on the Errors tab in the processing results, and the period is closed.

      Display Transaction Currency
      Select this option to show all values in the Transaction currency. Clear this option to show all of the values in the Book currency.
      Book
      Specify the book or the book group, but not both.
      Book Group
      Specify the book or the book group, but not both.
      Company
      Specify the company or the company group, but not both.
      Company Group
      Specify the company or the company group, but not both.
      Posting Date
      If the posting date is not specified, then the current period end date is the default value. If the posting date is specified, it must be in range between the current period begin date and current period end date.
      Number Of Threads
      Specify the number of threads to run concurrently. To establish the default number of threads, see Creating configuration parameters for the number of threads for close period.
    3. Click Submit.
      Note: To view the status of an asset, select to Assets > Processing Results.