Close a Group Expense

In the Close Group Expense panel, you can close a group expense defined for a specific entity or you can close a total group expense defined for all entities. If you close a total group level expense, all active entity level expenses are also closed.

To close a group expense:

1. In Accounting Center, in the left navigation pane, click Setup > Expense > Group Expense > Close Group Expense.
   You see the Close Group Expense panel.

2. 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 an entity, you see the selected entity's entity type, primary accounting basis, and share class.

3. 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 an entity. The remaining options on the panel allow you to identify the fixed or variable group expense you want to close.

4. Click the Group Expense Type field and select the type of expense you are closing.
   Options include:
   –  Fixed Group Expense
   –  Variable Group Expense

5. Click the Expense Account Name field and select the account for the expense you are closing.

6. Enter a value in the Accrual Ending Date field to indicate the effective stop date for the expense.

7. 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.

8. Click Submit.