Updating Next Year Commitment Budget at Year End

Use this procedure to roll historical commitment and encumbrance records forward and create a budget (FB) journal entry for outstanding commitments and encumbrances at year end.

To increase the next year commitment budget for open commitment and encumbrances at year end

  1. Access Period Year End GL Commitment Accrual (GL197).
  2. Type or select the company or company group that you want to process outstanding commitments and encumbrances for.
  3. Create a budget (FB) journal entry for the next year. Use the following guidelines to enter field values:
    Accrue Commitments, Encumbrances

    Select No in this field. You cannot select Yes in both the Accrue Commitments, Encumbrances and Update Next Year Commitment Budget fields.

    Update Next Year Commitment Budget
    Note: You can use this option only if the current period for your company is the last period in the year.

    If you are closing the year, you can select Yes to create a budget journal entry for outstanding commitments and encumbrances. The system advances the period on the outstanding commitment records and then creates a released budget (FB) journal entry for the outstanding commitments and encumbrances to increase the next year's commitment budget for the commitments/encumbrances updated.

    Account

    Select an offset account to be used for balancing the journal entry.

  4. Optional. Run GL197 in Report Only (non-update) mode and review the report.
    Report Option

    Select Summary (default) option to print the current balance information that will roll forward.

    Select Detail to view the detail records that will roll forward.

    Note: The detail report shows detail records only for Accounts Payable (AP), Purchase Order (PO), and Requisitions (RQ) system codes. All other system code are available as summary only.
    Update Option

    Select Report Only to create the report.

  5. To complete the process, select Update in the Update Options field and run the job.

    Your records will update and the system will generate a summary or detail report, based on your selection in the Report Option field.

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