You can close and reopen month end accounting periods associated with entities that use month end processing. For general information about viewing accounting periods, see Manage Accounting Periods.
When you set an entity’s Month End Processing Indicator field to Yes with the Control Center Entity field set to Yes, the system sends messages to establish month end accounting periods, which are necessary to view funds in Month End Control Center.
WRITERS NOTE: does do monthly accounting periods get created for non-MF entities and for MF entities that do not use Control Center?
WRITERS NOTE: add a cross reference to Manage Accounting Periods page and from that page to this one
Close Month End Accounting Periods
In the Close Month End Accounting Period panel, you can close a month end accounting period for entities that use month end processing. Eagle recommends closing month end accounting periods after month end reconciliation. This prevents transactions from modifying a previously reconciled period for accounting and performance purposes. You can close a month end accounting period for all accounts or individual accounts. The system adds future month end accounting periods automatically when existing month end accounting periods are closed. You do not need to set up month end accounting periods for each account on an annual basis.
To close a month end accounting period:
In Accounting Center, in the left navigation pane, click Transactions > Ledger > Accounting Periods > Close Month End Accounting Period. You see the Close Month End Accounting Period panel.
Select a query option to identify entities and accounting bases.
In the Month list, select the month for the month end accounting period you want to close.
In the Year box, enter the year for the month end accounting period you want to close
Click Submit. The system closes the month end accounting period and automatically creates a month end accounting period for the same period in the following year.
WRITERS NOTE: I’m not sure if you are closing a single month end period or closing all month end periods through the one you select?
Reopen Accounting Periods
In the Reopen Accounting Period panel, you can reopen an accounting period. For example, suppose your accounting periods were closed through the end of March. However, the trade processing group missed a trade that occurred on March 28th, which must be processed. Since the March accounting periods are closed, the back dated transaction will be processed with an April 1st accounting date. An alternative way to handle a transaction that needs to be booked to a closed accounting period is to reopen the accounting period before booking the transaction. For example, you can reopen the accounting period to March 28th and query the accounting period to confirm that the correct period is open. When you book the transaction, the March 28th accounting date is recorded and the position is reflected in reports beginning on March 28th.
Reopening an accounting period should not be a regular process. If this occurs on a frequent basis, you should review the process of closing accounting periods. For example, if a trade was booked in a previous accounting period and canceled with a more recent accounting date, reopening the periods to rebook the original trade will result in the trade being reflected twice between the original accounting date and the cancel accounting date. This is because the cancel transaction is not effective until the cancel accounting date.
To reopen an accounting period:
In Accounting Center, in the left navigation pane, click Transactions > Ledger > Accounting Periods > Reopen Accounting Period. You see the Reopen Accounting Period panel.
Select a query option to identify entities and accounting bases.
In the Accounting Period Start Date field, enter the earliest date that needs to be opened.
In the Type of Close field, select Both Valuation and Transaction, and click Submit. The accounting periods are reopened up through and including the requested date.
Add Comment