Selection Ranges

Current FY/Period

Action

Select an action from the drop-down list. The available selections are:

• Test Current Period: Select this to test the data in the current period to make sure that the period can be closed. You will not be able to close the period until you have first tested the condition of the data to be closed. If you do not select the Test/Close Current Period option, select this to test the data prior to closing.

  If you select this option, the system checks that the Current Pd Depreciation and Amount Posted Curr Pd fields in the G/L Book Info tab of the Manage Asset Master Information screen or the Amount Posted Curr Pd and Current Pd Depreciation fields on the Manage Asset General Ledger Information screen are equal. (For leases, the Current Pd Amortization and Amount Posted Curr Pd fields must be equal.) If these two fields are not equal, the system stops the process and displays a message requiring you to post any unposted depreciation.

  Note: The testing process will not stop if both fields are equal to zero. If you did not calculate depreciation for an asset and there is no depreciation to post, both fields will be in balance at "zero." In this circumstance, and if the system does not encounter any unposted Selected for Posting disposals or transfers, you can close the period. Once the Fixed Assets period has been closed, however, it cannot be reopened. After the period is closed, you will not be able to return to that period to calculate depreciation, add additional data, or make any corrections to existing data.

  The testing process also checks that disposals with a Selected for Posting status as well as all transfers have been posted. If the system finds any unposted selected disposals or transfers, the testing process stops and displays a message requiring that you post these disposals and/or transfers. Unposted disposals on On Hold status do not affect the closing process.

  The system tests data only for the G/L Book (Book One), because this is the only book for which entries can be posted to the General Ledger. If the system finds unposted depreciation and/or disposals and/or transfers, you should post them (or zero depreciation and/or delete the disposal row for depreciation and disposals, respectively,) and then run Test Current Period again.

  The testing process will fail if it cannot find the next accounting period in either the current fiscal year or the next fiscal year, or if the last posting has not been successfully completed.

• Test/Close Current Period: Select this to test data and close the period at the same time. If the test encounters unposted depreciation, selected disposals or transfers, it stops the closing process. After you post the depreciation and/or disposals, you must test the period data again before you can close.