General Ledger (GL) Module City of Portland

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OKP1 – Month-End Posting Period Locking/Unlocking Process

Overview: Transaction OKP1 is used by Central Accounting to lock and unlock posting periods for CO transactions. During the month-end closing process the current posting period is locked and the next posting period is unlocked. This is done in three stages. First, the next posting period is unlocked. Second, transactions Actual Overhead Distribution, Actual Activity Allocation, and Manual Cost Allocation are locked prior to month end settlements. Finally, all transactions are locked for the current period. At this point, only next posting period is unlocked.

Central Accounting will also use transaction OB52 to close and open accounting posting periods.

Transaction: OKP1 – Change Period Lock

Hints / Tips: At month end, do not lock the prior period until after the deadline for bureaus to make journal entries and the completion of month end settlements and interest allocations.

Transactions Actual Overhead Distribution, Actual Activity Allocation, and Manual Cost Allocation should be locked before month end settlements are run. Locking these transactions prevents additional postings via transactions KSV5, KB15N, KB21N, and CAT7 that would require settlements to be rerun.

Transaction OKP1 can be used to unlock a prior period. In these instances, Central Accounting must first review and analyze the effect of the proposed prior period entries on settlements, overhead, interest allocations and budgets. If the entries result in material changes, appropriate bureaus and departments should be informed. If the entries affect internal orders or WBS elements, settlements and other month end processes will have to be re-run.

NOTE: The following actions occur on these days:

- BEFORE posting in the new period = perform steps 3-5 to open the next period

- 9th day of the new period: lock the following controlling transaction types for the PRIOR period – Actual Overhead Distribution, Actual Activity Allocation, and Manual Cost Allocation.

- 15th day of the new period: lock the entire prior period so no new entries or changes can be made.

General Ledger (GL) Month End/Year End Closing Processes

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Procedure: Perform the following steps in order to complete this process. For this example, Period 8 (February) will be locked and Period 9 (March) will be unlocked.

Step 1: Open transaction OKP1

NOTE: COP1 should be listed by default in the Controlling Area field. The Fiscal Year may be blank or it may be populated with the last entry you made

Step 2: Enter the current fiscal year in the Fiscal Year field. Controlling Area should be COP1. Version should be left blank. Then click the ACTUAL button.

General Ledger (GL) Month End/Year End Closing Processes

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NOTE: During the fiscal year-end closing process enter the new Fiscal Year to unlock Period 1 (July). Enter the ending Fiscal Year to lock Period 12 (June)

NOTE: Steps 3 - 5 unlock the next posting period for CO activity. This should occur before any manual entries or automated jobs that will post to the new period occur.

Step 3: At the end of the current period, click on the column for the next posting period (9) then click Unlock Period. A warning message may display.

Step 4: Click Enter

Step 5: Click Save

Period 9 is now unlocked

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General Ledger (GL) Month End/Year End Closing Processes

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NOTE: Steps 6 and 7 lock the prior posting period for select CO activity. This should occur on the 9th day of the current month before any month end settlements are initiated. Locking these transactions prevents any additional postings in the locked period that need to be settled.

Step 6: On the 9th day of the new period repeat step 2. Next, click on the boxes in the prior period column (8) for the following CO transactions

Actual Overhead Distribution

Actual Activity Allocation

Manual Cost Allocation

Step 7: Click Save

NOTE: Step 8 - 10 lock the prior posting period for CO activity. This should occur after the month end settlements and interest allocation are complete.

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General Ledger (GL) Month End/Year End Closing Processes

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Step 8: On the 15th day of the new period repeat step 2. Next, click on the column for the prior posting period (8) then click Lock Period. A warning message may display.

Step 9: Click Enter

Step 10: Click Save

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Period 8 is now locked