In the Close Group Expense panel, you can close a group expense defined for a specific participant entity or you can close a total group expense defined for all participant entities. If you close a total group level expense, all active participant entity level expenses are also closed.
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- In Accounting Center, in the left navigation pane, click Setup > Expense > Group Expense > Close Group Expense.
You see the Close Group Expense panel. - Specify the Group Expense ID/ Entity ID or Group Expense Name/ Entity Name field value to identify the entity that you want to close.
If you select an expense group, you see a value of EXPG in the Entity Type field. If you select a participant an entity, you see the selected entity's entity type, primary accounting basis, and share class. - Click the Accounting Basis field and select the accounting basis associated with the expense you want to close.
This field appears if you are closing a group expense for a participant an entity. The remaining options on the panel allow you to identify the fixed or variable group expense you want to close. - Click the Group Expense Type field and select the type of expense you are closing.
Options include:
– Fixed Group Expense
– Variable Group Expense - Click the Expense Account Name field and select the account for the expense you are closing.
- Enter a value in the Accrual Ending Date field to indicate the effective stop date for the expense.
- You can close additional group expenses using the pane that appears on the bottom of the Close Group Expense panel, as follows:
– Click the lower pane.
– Right-click and select Add Rows.
– Enter the number of rows you want to add in the Enter Rows Count dialog box and click OK. You need to add a row for each additional expense you want to close.
– Complete the fields on each row you added. - Click Submit.