You are not required by the program to close periods, however, there are many month-end activities that can be performed if you wish to do so. The following is a list of those procedures, which may or may not be necessary for your company.
General Ledger
Specify system-wide and user-specific Posting Date ranges. Depending on your business needs, you may want to restrict user posting date ranges at the start of the period-end process.
Sales & Receivables
All Sales Orders, Invoices, Credit Memos, and Return Orders are posted
All Cash Receipt Journals have been posted
Update and Post Recurring Journals related to Sales & Receivables
Reconcile Accounts Receivable to the general ledger
Run the Delete Invoiced Sales Orders batch job
Purchases & Payables
All Purchase Orders, Invoices, Credit Memos, and Return Orders are posted
All Payment Journals have been posted
Update and Post Recurring Journals related to Purchases & Payables
Run the Aged Accounts Payable report and reconcile A/P to the general ledger
Run the Delete Invoiced Purchase Orders batch job
Fixed Assets
All Maintenance costs have been posted through the FA Journals or Invoices
Post Adjustments
Post Appreciation
Post Depreciation
Update and Post Recurring Fixed Asset Journal
Intercompany
Process Intercompany Postings
VAT and Intrastat
Tasks to be Performed Sequentially
The following processes, which affect Manufacturing, Inventory, and General Ledger, should be performed sequentially.
Manufacturing
All Consumption and Output has been posted
All completed Production Orders have been changed to a status of Finished
Inventory
Make all necessary inventory adjustments using the item journal
Run the Adjust Cost - Item Entries batch job
Run the Post Inventory Cost to G/L batch job
Run the Inventory Valuation report and reconcile Inventory and COGS to the general ledger
Reconcile WIP to the general ledger
General Ledger
Make all necessary G/L adjustments
Update and post Recurring Journals
Run Account Schedules:
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Open the Account Schedule window, and click Print.
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Fill in the Account Schedule request page and click Print.
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Open the Account Schedule window, and click Print.
Specify system-wide and user-specific Posting Date ranges.
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For more information about how to work with fields and columns, see Work with Data. For more information about how to find specific pages, see Search. |