Symptom
When running a financial report that includes a column for the prior year, upon running the report, the following message is produced:
Cause
MIP does not simulate a close for more than one year on financial reports.
Resolution
Close fiscal year to current year so that the prior year information includes opening balances.
Or
Run reports separately for each year and do not include the prior year column.
Additional Information
Example:
Last fiscal year closed in MIP was 12/31/2013.
Running a report for year 2016 expecting to see current and prior year amounts. The current year balances will pull through properly if using the correct reporting dates (ie. ABB – Account Balances Begin date = 1/1/14 and CRYB – Current Reporting Year Begins date = 1/1/16); however, the prior year column for 2015 data would be incorrect because 2015 would only include that year’s activity and not the balances heading into that year.
Running the report for year 2015, both the current items for 2015 and prior year items for 2014 would be correct, as the prior year of 2014 does include opening balances from the last hard close on 12/31/2013.
Article Type
Product Info
Product Line
MIP Fund Accounting
Product Module/Feature
Reporting
Ranking