Page tree
Skip to end of metadata
Go to start of metadata


A financial Fiscal Period Close is performed to preserve the financial information that has been reported on, internally and externally, and to ensure financial statements are accurately reflected in the current fiscal period. To lock down the financial data, Unanet provides Posting Features groups that are mutually exclusive which can be closed all together or individually throughout the closing process to facilitate the procedural needs of Closing the Fiscal Period.


The procedures do not have to be performed in any sequential order.

  • End Of Month Close - Analyze Financial Statements For Unusual Items
  • End Of Month Close - Analyze Project Reports For Unusual Items
  • End Of Month Close - Close Cost Pool Post
  • End Of Month Close - Close Invoicing And Posting And General Ledger
  • End Of Month Close - Close Period
  • End Of Month Close - Close Vendor Payments & Vendor Invoices, Customer Payments, Deposits
  • End Of Month Close - Generate Financial Statements
  • End Of Month Close - Import Company Paid Credit Card Transactions (If Applicable)
  • End Of Month Close - Perform Cost Pool Calculations
  • End Of Month Close - Perform Monthly Bank Reconciliations
  • End Of Month Close - Reconcile Accrued Leave
  • End Of Month Close - Reconcile Open AP To General Ledger
  • End Of Month Close - Reconcile Open AR To General Ledger
  • End Of Month Close - Reconcile Revenue And Project Costs From The JSR To The Income Statement
  • End Of Month Close - Reconcile Unbilled Revenue And Deferred Revenue To Balance Sheet
  • End Of Month Close - Recording Unanet Labor Expenses And Reconciling With Payroll
  • End Of Month Close - Verify That All Financial Documents For The Period Are In A POSTED Status
  • End Of Month Close - Verify That All Financial Transactions For The Period Are Entered Into Unanet
  • End Of Month Close - Verify All Invoices Are In COMPLETED Status For The Period
  • End Of Month Close - Verify That All Project-To-Financial Postings Are Completed
  • End Of Month Close - Verify Billing & Revenue Process Is Completed
  • End Of Month Close - Verify Payroll Summary Report Reconciles To Labor Cost Report


To Support the Fiscal Period Closing Process:

  • Analyze Financial Reports (e.g.,, GL Summary Trial Balance, GL Details)
  • Verify All Financial Transactions for the Period are Entered
  • Verify, Reconcile to GL, and Close Posting Features for Subledgers
    • Vendor Invoice
    • Vendor Payment
    • Customer Payment
    • Deposit
    • Accounts Payable
    • Accounts Receivable
    • Invoicing & Posting
  • Billing & Revenue Post (performed by Billing Manager role in Unanet)
      • Invoice (Customer Invoice)
    • Purchasing
      • Commitment
  • Perform and Validate Project to Financials Posts - Expense Report and Labor Cost Posts
  • Prepare and Post Service Contract Act (SCA) – Pay in Lieu of Benefits
  • Close Posting Features for Invoicing & Posting
    • Expense Report Cost Post
    • Labor Cost Post
    • Pay in Lieu of Benefits
  • Prepare and Post Various Journal Entries as needed.
    • Reconcile and Record Recurring Journal Entry for Payroll
    • Reconcile Accrued Leave
    • Record Adjusting Journal Entry for Accrued Leave
    • Prepare and Post Fixed Asset’s Depreciation Expenses
    • Record Accrued Expenses
    • Record Prepaid Expenses
  • Perform Cost Pool Calculations and review indirect rates on the Statement of Indirect Rates. Post rates to Cost Structure
  • Close Posting Features for General Ledger
    • Cost Pool Post
    • Fixed Asset Post
  • Generate and Analyze Financial Statements
    • Balance Sheet
    • Income Statement
    • Income Statement - Trending
  • Analyze and Perform Various Reconciliations
    • YTD Project Cost Summary (JSR) Report tie to Income Statement
    • Bank Reconciliation Process
    • Reconcile the Project Subledger to the General Ledger
    • Balance Sheet accounts
  • Prepare and Post any Correcting Journal Entries as needed.
  • Close Posting Features for General Ledger
    • Journal Entry
  • Confirm all Posting Features for Fiscal Period are Closed
    • Once all Posting Feature sections have been closed, the Fiscal Period is considered closed. All transactions will be captured in the next available Fiscal Period.
  • Publish Financial Statements






































































  • No labels