MONTH END CLOSING DOCUMENTATION

Over the past 18 months everyone has endured many system changes which have affected the policies and procedures which are being utilized in the accounting and departmental offices throughout the University. July 1, 2002, was the start of a new fiscal year with many new challenges. The budget cuts from the State of Missouri will have a significant effect on how we do business today and in the future. As a result, we are taking a fresh look at the PeopleSoft Financials system to determine what opportunities we may have to make the system more efficient and effective to meet our business needs. This would include timelier reporting to assist in making financial decisions as we enter this difficult fiscal year. Therefore, the following month end closing changes are effective immediately.

GL Feeders - All General Ledger (GL) feeders must submit their last monthly transactions by the last day of the month. If you attempt to feed transactions for a month, after the end of the month, the transactions will be rejected and you must resubmit the transactions into the next month.

Web JE’s - Transactions entered into the system through the Web JE application (including JE’s, CE’s, PCE’s, and ISE’s) may be made through the first business day of the following month. (See additional note on Web JE’s below.)

Allocations – All allocations (standardized JE’s which are created monthly) will be run on the fourth business day of the month. On that day, the Web JE will be unavailable to all users.

These new procedures will allow the PeopleSoft General Ledger to be closed within 5-7 days following the end of the month. During this time, the Web Financial Reports and other web applications, except the Web JE as discussed above, will continue to be available so that departments can review their financial data. All Accounts Payable applications will be functional during the month end process.

Please contact your Campus Accounting Offices if you have any questions or concerns regarding these new procedures. Revised General Ledger Monthly Closing Calendars for October, November and December are available on the Controller’s website at http://www.system.missouri.edu/acct/calendar/glcal.htm.

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