Closing a period

If Lease Management uses General Ledger system control, then you must close a Lease Management period before you can close the corresponding General Ledger period. Otherwise, you are not required to close a period at any particular time. Though, you need to close periods to ensure that all processing for the periods were completed, and to keep track of period-to-date and year-to-date amounts.

You cannot close a period until all outstanding payments for the periods were processed and all leases scheduled to end within the period were closed.

  1. Access Period Closing (LM199).
  2. Specify your closing parameters. Use these guidelines to specify the field values:
    Company or Company Group

    You must select a company or a company group.

    Period Year

    You can select any open period in the current or next fiscal year.

    Year End

    You cannot select Yes in this field unless all preceding periods in the year were closed.

    Update

    Select Yes in this field to close the selected period.

    Note: Because LM199 does not enable you close the period until all pending payments and closings are processed, running LM199 with the Update field set to Yes is a safe option. But, you can use the No option to check that you have done all the processing for a period, even though you are not prepared to close the period at this point.
  3. View the report generated by LM199. The report lists all the outstanding leases and invoices and indicates the processing stage at which they are. Before you can close the period, you must process all the leases listed in the report. See Period closing report messages.
  4. After you made all necessary corrections, run LM199 again with the Update option set to Yes.

Period closing report messages

The period closing report lists all the leases and invoices that were not completely processed for the period that you want to close. This table explains the actions that you must take, based on the message under which the leases or invoices are listed:

If these messages display: You must take these actions:

  • No open lease records to print in closing period

  • No invoice records to print in closing period

  • No unposted transactions to print in closing period

No action is necessary if you selected Yes in the Update field. The period is closed.

If you selected No in the Update field, then the period is ready for closing. You can run LM199 again with the Yes option to close it.
Open leases with end date in closing period

  • For leases listed as Released under this message, you can:

    1. Process any outstanding payments. See Lease invoice processing.

    2. Terminate the leases. See Terminating leases.

  • For leases listed as Unreleased under this message, you can:

    • Delete or modify the leases using Lease Addition and Adjustments (LM21.1) so they are no longer scheduled for termination in the period.

      You can also perform these steps as an alternative method:

    1. Release the leases usingLease Addition and Adjustments (LM21.1).

    2. Process any outstanding payments. See Lease invoice processing.

    3. Terminate the leases. See Terminating leases.
Unprocessed payment schedule records for the period

  • For leases listed as Released under this message, process any outstanding payments for the period. See Lease invoice processing.

  • For leases listed as Unreleased under this message, you can:

    • Delete or modify the leases so they no longer have outstanding payments scheduled in the period.

      You can also perform these steps as an alternative method:

    1. Release the leases using Lease Addition and Adjustments (LM21.1).

    2. Process any outstanding payments in the period. See Lease invoice processing.

Unposted lease invoices or invoices not interfaced to AP
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