Question

Why would you run Fiscal Period Close?

Answer

• To create new ledgers and funds for new fiscal periods without the labor of re-keying them in the client.
• To roll over eligible line items from one fiscal period to the next automatically so that they can be invoiced in the new fiscal period.

Additional Information

The end result of running FPC will be that the old ledger from the previous fiscal period remains and a new ledger for the new fiscal period will be created automatically by the FPC program.  Any eligible line items that are linked to a fund in the old year's ledger will be updated by the FPC to be linked to that same fund in the new ledger created by FPC. 

• Article last edited: 29-Nov-2021