The following rules apply to closing an account:
- The account "Closed?" indicator must be checked
- The account expiration date must be equal to the current date unless back dating is allowed for fund groups specified in parameter EXPIRATION_DATE_BACKDATING_FUND_GROUPS
- A continuation account number must be provided
- The account must meet all the following criteria:
- No pending general or labor ledger entries
- Pre-Encumbrance (PE) encumbrances net to zero for the account
- IE and EX (internal and external) encumbrances net to zero for the same reference number
- No asset, liability, or fund balances other than the fund balance object code defined for the accounts chart and the process of closing income and expense into fund balance takes the fund balance to zero
- NOTE: If you are closing accounts while two fiscal years are open and there are transactions in the new year, the account can't be closed until the prior fiscal year is closed.
- Only roles with permission Edit Inactive Account can reopen a closed account.
Finding Pending Entries
When closing an account, you might receive a message that there are pending entries which are preventing the account from being closed. To find pending entries:
- Go to Doc Search, click detailed search
- Enter KFST in the Document Type field.
- Select Pending Statuses in the Document Status field.
- Enter the account number in the Account Number field.
- Click Search. Documents with potential pending entries will display.