Setting up contract accounting period close for a business unit

As a lease accountant, you can set up the contract accounting period close for a business unit.

Procedure

  1. Go to Contracts > Financials > Contract Accounting Period Close.
  2. Click the Add action.
  3. On the Contract Accounting Period Close form, enter the Name and select an Accounting Calendar in the General section.
  4. In the Business Units section, click Find action.
  5. Select all the Business Units that need to be closed for the period and click OK.
    Note: The business units are available based on the selected Accounting Calendar.
  6. On the Close Fiscal Period section, select the Close Fiscal Period.
  7. Click Create Draft and then click Issue .

Results

After the processing is completed, the selected Business Unit will have the Last Closed Fiscal Period field on the Lease Accounting set to the selected fiscal period. Also, the Current Open Fiscal Period field on the same section will be automatically set to the next fiscal period.