Close a Period
OBJECTIVE
The Close a Period function is used to close project periods. Once a period has been closed, transactions cannot be entered in projects within the range of dates for the period.
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The project periods must be closed for accounting periods to be closed. |
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You can reopen a closed period using the Reopen a Project Period function. |
PREREQUISITE
Steps
Closing a Period
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maestro* > Projects > Maintenance > Projects > Close a Period |
- Select the Open Project Periods.
The Projects module uses the periods configured in the Accounting module. If a period is closed in the Projects module, the other backups remain open and use the active period in the general ledger. By closing a Projects period, you can close only this period in the backup. In this case, you can enter transactions in the other modules.
The periods must be closed in chronological order. More than one period can be closed at a time.
Multiple ranges can be selected at a time by pressing the Shift or Ctrl keys.
- Click Close Period.
For each project whose work in progress (WIP) management method is set to Active and for which a project end date has been determined, the system creates reversing entries for work in progress. Obviously, the project end date must precede the end of the period being closed.
When the period is closed, on the project end date, the system creates a reversing entry for the asset against which the expense is charged for all transactions affecting the project and for which the posting date is earlier than or the same as the project end date. Once transferred to the expense, the transaction is identified as such in the Journal Entry Inquiry.
A message is displayed if there are transactions that are not transferred for the period being close.
See Also