10 Day Business Close Schedule

This article is an overview of the 10 Day Business process which is run by the Systems section.  This will have links to more detailed articles about the certain processes. The main user responsible for running the process is the Financial Information Systems (FIS) Analyst; however, in the event this position isn't filled, the FIS Senior Analyst runs it. Items identified as Accounting are the responsibility of the accountants; Systems are the responsibility of the FIS personnel; Everyone is all users.  You'll notice this format in the closing schedule e-mail.

Step 1: Send Closing Schedule and Last Resort Reports

a) This is normally sent around the 3rd business day.  It includes a similar schedule as this article that outlines the entries made (including their journal masks) on the business days they are posted.  A tool that automates generation of this email is located here: \\ci.okc\OKC\FI-ASD\SystemsAndReporting\Executables\SystemsProcesses\Other Processes\Closing & Cutoff Dates Reminder Email Generator.xlsm A template e-mail can be found here: 

\\ci.okc\OKC\FI-ASD\SystemsAndReporting\MonthEnd_ClosingTemplate.msg

Below are the current recipients.  Please update as needed.

 

b) This is normally sent around the 4th or 5th business day. Systems sends Last Resort reports to all managers and systems lead. Please see attached article:
https://okcfinance.jitbit.com/helpdesk/KB/View/4198472-last-resort

Step 2: 6th Business Day

Accounting: Asset Management Manual Journal Entry Cutoff

Accounting: Post Debt Service Entries

 

Step 3: 7th Business Day

Everyone: Cash Cutoff at End of Day

Accounting: Tracker Updates Due

 

Step 4: 8th Business Day

Systems: Post Monthly Entries (Mxx Mask)

Systems: Post Pooled Interest Distribution (PIx Mask)

See KB article(s) here: 

https://okcfinance.jitbit.com/helpdesk/KB/View/38640956-how-to-run-th-day-closing-entries-in-the-monthlies-database

https://okcfinance.jitbit.com/helpdesk/KB/View/35693395-interest-distribution-calculation

Systems: Post Tracker Entries (TRA Mask)

See Tracker KB article(s) here: https://okcfinance.jitbit.com/helpdesk/KB/View/38633794-tracker-process-procedures-and-documentation

 

Step 5: 9th Business Day

Systems: Post Retainages (RET Mask)

Systems: Post Unerned Revenue (UER Mask)

Systems: Post Prepaids (PPD Mask)

Systems: Post Pro-Card (PCR Mask)

See KB article(s) here:

https://okcfinance.jitbit.com/helpdesk/KB/View/46878013-

 

Step 6: 10th Business Day

Accounting: Journal Entry Cutoff @ 12pm

Systems: Asset Management Close By 12pm (AMxx Mask)

Systems: Post Functional Reclass (FRC Mask)

Systems: Post Due To/From (DTF Mask) and Transfer (XFR Mask) Netting

Systems: Post Equity (EQR Mask) and Fund Balance (FBR Mask)

Systems: Close Period and Queue Reports. This excludes OKCAT and OCERS in regards to closing periods.

See KB article(s) here:  

https://okcfinance.jitbit.com/helpdesk/KB/View/46928554-

 

Step 7: 15th Business Day

Accounting: Journal Entry Cutoff @ Noon

Systems: Close OCERS and OKCAT; Rerun Month-end Reports.

See KB articles(s) here: 

https://okcfinance.jitbit.com/helpdesk/KB/View/5648916-how-to-run-month-end-close-in-peoplesoft-on-10th-business-day