Assets: Run Depreciation with Close Period- which job performs the close?

Looks like Run Depreciation with Close Period checkbox "on" pushes  depreciation entries calculated with that run into the next accounting period.

That is  counter-intuitive from a user's perspective , you'd think that  you can calculate depreciation entries and post them into GL for the current period before Fixed Assets Module is closed,  but seems that the right thing to do is to Run Depreciation without close, then perform a transfer to GL (Create Accounting), and then Run Depreciation again, now with "Close Period" on.

Can someone explain what is the job under "Run Depreciation" which performs Fixed Assets period Close, i could not figure it out by looking through the logs?