How to: Complete Period-End Processes

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

• Calculate and Process VAT

• Report Intrastat

Tasks to be Performed Sequentially

The following processes, which affect Manufacturing, Inventory, and General Ledger, should be performed sequentially.

Manufacturing

1. All Consumption and Output has been posted

2. All completed Production Orders have been changed to a status of Finished

Inventory

1. Make all necessary inventory adjustments using the item journal

2. Run the Adjust Cost - Item Entries batch job

3. Run the Post Inventory Cost to G/L batch job

4. Run the Inventory Valuation report and reconcile Inventory and COGS to the general ledger

5. Reconcile WIP to the general ledger

General Ledger

1. Make all necessary G/L adjustments

2. Update and post Recurring Journals

3. Process Consolidations

4. Run Account Schedules:

   • Open the Account Schedule window, and click Print.

   • Fill in the Account Schedule request page and click Print.

5. Specify system-wide and user-specific Posting Date ranges.

See Also

Concepts

About Year-End Processes