40.40.40 Closing Depreciation & Asset Accounting Periods
This step must be performed AFTER all AM transaction activity for the period has been completed and BEFORE the Asset Management accounting period has been closed.
The deprecation close process generates the period depreciation entries for ALL depreciable assets for the period. If depreciation for an asset was generated for a previous period, it will be picked up during this process. This could occur when an asset is added a month or more after the In-Service date.
This process should only be run once for each accounting period.
Navigator > Asset Management > Accounting Entries > Close Depreciation
Process frequency has three options:
- “Once” executes the request the next time the batch process runs. After the batch process runs, the process frequency is automatically set to Don't Run.
- “Always” executes the request every time the batch process runs.
- “Don't Run” ignores the request when the batch process runs.
Colleges should not select any of the options. If Rerun Depreciation Close and/or Reverse Posted Entries is necessary, contact ERP support staff by submitting a ticket.
If the college budgets for depreciation, then "Create budgeted depreciation" may be checked. These entries are posted to the budget ledger for the business unit.
Process a Range of Assets
Since most colleges do not use consecutive numbering for assets, using this option could lead to depreciation not being recorded for numerous assets.
Do not check the Process GL Journal Generator box. Checking this box will post the depreciation journal without the ability to review the journal to correct any errors.
For step-by-step instructions see Closing Depreciation Accounting Periods in the ctcLink Reference Center.
Closing Asset Accounting Periods
Closing the Asset Accounting Period should only be performed to ensure no new depreciation-related transactions are recorded in the period. When the asset accounting period is closed, no additional transactions may be made in the period.
Navigator > Asset Management > Accounting Entries > Close Accounting Period
For step-by-step instructions see Closing Depreciation & Accounting Periods in the ctcLink Reference Center.
Last Modified: 6/15/23, 4:47 PM