Close any existing General Projects under the Financial unit

KB0034079: Best Practices for Closing General Projects  

Closeout Sponsored Projects

Guidance: Sponsored Research Closeout Process in OFC PPM 

Complete the checks for Default Project balances and ICA will close the Default Project when closing the Financial Unit

Ensure there are no open PO's or Accounts Payable (AP) under the Financial Unit

Ensure there are no open Contracts, Accounts Receivables and Invoices for the Financial Unit

Transfer any Fixed Assets

Submit a Services & Support ticket to ICA       

• About: Financial Accounting
• Related To: Oracle Project Portfolio Management
• More Specifically: Capital Project Inquiries or Request

The ICA Capital Projects team will work with you to ensure the proper transfer steps are taken

UCPath Check: Complete all Direct Retro.  Future Direct Retros can not be done once the Financial Unit is closed

UCPath Check: Run the Position Funding Report and update Position Number chartstring value

• The Position Funding CCOA Project must not be the associated Default Project for the Financial Unit as it will be closed
• The Position Funding CCOA FinU Code must not be the Financial Unit for the Position Number

Check the General Ledger Panorama (General Ledger Transactions Details Report):  If balances exist, process transactions through the appropriate subledger(s) or process a Journal Entry to clear the balance

Ensure Balance Sheet Accounts (Asset Accounts starting with 1***** and Liability Accounts starting with 2*****) have $0 balances.  Disregard Account 100000 Interfund Cash Account as it is a system generated balancing Account and is not to be manually adjusted

Check the General Ledger Panorama (General Ledger Transactions Details Report):  If balances exist, process transactions through the appropriate subledger(s) or process a Journal Entry to clear the balance

Total of Equity Account 300000 - pending year end allocation posting this should have a balance of $0

• Account 300000 is only updated once a year when 13_Jun period is at a final close and this happens approximately in October (for the prior Fiscal Year final closed
• If the allocation has not been posted (usually between July-October) for the prior year, then the net balance of Revenues and Expenses is added to prior year Account 300000 balance
• If there are any Revenue or Expense transactions after the last update of Account 300000, then the net of the Revenue and Expense Accounts plus the Account 300000 (after 13_Jun period allocation has posted) must net to zero

Complete a Financial Unit closure request

Submit a Services & Support ticket to ICA

• About: Financial Accounting
• Related To: Chart of Accounts
• More Specifically: Chart of Account Inquiries

ICA team will review the request and close the Financial Unit and Default Project