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Closing an Accounting Period



The close of an accounting period may be done at any time. The following checklist contains the steps eTEK would suggest you run when closing an accounting period. 

Please note that most modules such as Accounts Payable, Accounts Receivable, General Ledger, and Payroll all provide a group named Month End with an icon called Normal Reports.
The steps are summarized; just find the applicable records or reports under the applicable module.
1. Check to make sure that all supplier invoices for the period have been entered.
2. Check to make sure that all A/P Checks (including handwritten checks) for the period have been entered.
3. Run the Aged Accounts Payable report.
4. Run the Purchase Journal.
5. If the general ledger account number on any invoice is incorrect, Edit Purchase Journal to make the necessary corrections. For errors other than an incorrect general ledger number, correct using the edit mode of Vendor Invoices in Accounts Payable.
6. Re-run the Purchase Journal. 
7. Check that all customer invoices for the period have been entered.
8. Check that all customer payments for the period have been entered.
9. Run the Aged Accounts Receivable from Accounts Receivable .
10. Run the Sales Journal.
11. If the general ledger account number on any invoice is incorrect, Edit Sales Journal to make the necessary corrections. For errors other than an incorrect general ledger number, correct using the edit mode of Customer Invoices in Accounts Receivable.
12. Re-run the Sales Journal.
13. Review the standard journal entries and add or change as required using the Journal Entries Group in the General Ledger module.
14. Update the standard journal entries using Recurring.
15. Make any additional journal entries for the period as required.
16. Run Cash Mgmt >> Manage Accounts >> Bank Reconciliation to reconcile the bank statement to each bank account. Use the Cash Mgmt >> View/Print Reports >> Select Reports as needed.
17. Run the Trial Balance from General Ledger.
18. Correct errors as required using the same module where the error occurred (Accounts Payable, Accounts Receivable, Payroll or General Ledger). 
19. Make any other adjustments as required using Journal Entries from the General Ledger module.
20. Re-run the Trial Balance. If it is correct, you may run the update.
21. Run the Balance Sheet.
22. Run the Operating Statement.
23. If corrections to prior periods are required, enter the necessary correcting transactions with the appropriate date for the prior period and then perform an accounting period close again as listed above.
24. To lock an accounting period so that no more data can be updated, go to System Utilities >> Financial >> Financial Utilities >> Lock Period, or General Ledger >> Year End >> Select Actions >> Next Year Setup. Check the lock box for the appropriate period.