Period Closing (LM199)

Run Period Closing (LM199) to close a processing period within the Lease Management application.

All payments scheduled within the period must be completely processed before the period can close. All leases with an end date within the period being closed must have been terminated.

Process at a Glance

  1. Create lease invoices using Invoice Creation (LM131).

  2. (Optional - this step) Adjust invoices using Invoice Adjustment (LM31.1).

  3. Approve the invoices using Invoice Payment Approval (LM36.1) or Mass Payment Approval (LM136).

  4. Interface the invoices to the Accounts Payable system using AP Interface (LM140).

  5. (Conditional) Calculate interest for capital lease payments, using Interest Calculation (LM180).

  6. Update lease payment balances, using Lease Posting (LM190).

  7. (Conditional) Terminate leases due for closing, using Lease Termination (LM45.1).

  8. (This step) Close period, using Period Closing (LM199).

More Information

If you use General Ledger system control for Lease Management, you must close a Lease Management calendar period before you can close the equivalent General Ledger period.

You can first run the program with the Update field set to N (No) to view a report of outstanding payments, leases that are due for termination, payments that have not been posted, and payments where the interest has not been calculated. You can then correct the payments, reprocess them, and run this report with the Update field set to Y (Yes) to actually close the period. The period will not close until all the outstanding payments have been dealt with.

If you do not use system control for Lease Management, you do not need to run this program at any particular time. However, running this program lets you ensure that all the lease payments scheduled for the period have been fully processed. LM199 does not send any data to the General Ledger system (that is done by LM140) and does not update balances in Lease Management (that is done by LM190), but it lets you know whether you have not fully processed payments or terminated leases scheduled for closing so that you can go back and complete the processing for the period.

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