Open or Close the Books

To open the books in CommunitySuite:

1. Navigate to the General Ledger page.
2. Click Open Books in the left-side menu.
3. Enter the End of Month and Year, and then click Open.
   
    

In the screenshot above, edits could be made from January 1, 2024 and forward. 

Closing the books disables editing transactions on or before the close date. This prevents changes that could affect fund statements.

Books can be closed either monthly or yearly, depending on your organization's processes. If the books are usually closed monthly but a month or more is skipped, the system will close all the months in between. For instance, if the books were closed in January and now they are being closed in July, all months in between will also be closed.

Books must be closed to generate fund statements. All entries, such as revenue share, admin fees, transfers, checks, and bank reconciliations for the selected time period, should be entered before books are closed. Unapplied account balances can be checked when books are closed if that setting is enabled in General Ledger Settings. 

Closing the books for your fiscal year sets revenue and expense accounts to a zero balance for the next accounting period. Asset, liability, and equity account balances are carried over to the next accounting period.

To close the books in CommunitySuite:

1. Navigate to the General Ledger page.
2. Click Close Books in the left-side menu.
3. Enter the End of Month and Year, and then click Close.
   

If the Z_Revenue Share Holding fund has any remaining balance for that period, the system displays the message: "Cannot close the books, the revenue share fund has open balances". The books will not close until the balance is resolved. Before you can close the books, the revenue share fund must be at zero for that period. Closing the books should happen after all revenue share entries for the period have been posted.   

Step 1: Review the Revenue Share Fund Trial Balance 

Start by pulling the trial balance for the Z_Revenue Share Holding fund to see where the balance is coming from.

To generate a trial balance for the Z_Revenue Share Holding fund:  

1. Navigate to Revenue Share and click the Z_Revenue Share Holding fund.  
2. Click Reports in the left-side menu, then click Trial Balance.  
3. Enter the Static Date as the date of the period you are trying to close, and then click Show Date.
4. Click Show Sub-Account in the left-side menu to view detailed balances.  

Review each account with a remaining balance to identify the cause.  

Step 2: Identify Cause

Revenue Share was Not Run for the Period

If revenue share was not run for an account, the trial balance will show a statement voucher with no corresponding revenue share job. Look for a voucher entry followed by a revenue share job. If only the statement voucher appears, revenue share was not run for that account. To resolve this, return to the Revenue Share page and run revenue share for the missing period. Once posted, the balance should clear to zero. An Unsupported Entry Type is in the Z_Revenue Share Holding 

An Unsupported Entry Type is in the Z_Revenue Share Holding fund

Revenue share can only distribute certain entry types to individual funds within the investment accounts. Account transfers (asset to asset) cannot be shared out and will cause a balance to remain in the fund.  

To resolve an unsupported entry type:  

1. Locate the problematic entry in the Z_Revenue Share Holding fund trial balance that was generated in Step 1.  
2. Open the entry and click Unpost in the left-side menu.  
3. Click Edit in the left-side menu.   
4. Change the fund from Z_Revenue Share Holding to the correct fund.  
5. Click Save and then click Post in the left-side menu.  
6. View the trial balance for the Z_Revenue Share Holding fund to confirm the balance is at zero.  
7. Once the Z_Revenue Share fund is at zero, run revenue share on the statement voucher for the account.   

Step 3: Verify the Fund Is at Zero 

Confirm the Z_Revenue Share Holding fund is at zero before attempting to close the books again.  

Repeat the steps to run a trial balance from Step 1:  

1. Run a new Z_Revenue Share trial balance.
2. Set the date to the last day of the period you are trying to close.  
3. Confirm all balances show as zero.  

Step 4: Close the Books  

Once the Z_Revenue Share fund is at zero, you can close the books without receiving the open balances message. 

Common Cannot Close Books Error Video

The video below provides information on how to troubleshoot a common error users may encounter when closing the books. This error message states, "Can not close books, the revenue share fund has open balances," and users can use a trial balance report with the show sub account option to investigate the issue.

• Revenue Share Fund Error Overview (:00) - Introduction to the "cannot close books, revenue share fund has open balances" error message and why it appears. 
• Navigate to the Revenue Share Fund (:25) - Access the Z_Revenue Share Holding fund from the Home page to begin troubleshooting. 
• Run a Trial Balance (:55) - Pull the trial balance report for the close date and use Show Sub Account to view detailed balances. 
• Identify a Missing Revenue Share Job (1:20) - Recognize the voucher-only pattern that indicates revenue share was not run for an account.
• Identify an Unsupported Entry Type (1:47) - Understand why account transfers (asset to asset) cause a remaining balance in the revenue share fund. 
• Resolve an Unsupported Entry Type (2:28) - Unpost and edit the problematic entry to move it to the correct fund, then repost. 
• Verify the Fund Is at Zero (3:53) - Re-run the trial balance to confirm the balance is at zero before closing the books. 
• Close the Books (5:35) - Close the books successfully once the Z_Revenue Share Holding fund is confirmed at zero.