General Ledger End of Month and Year Processes

Most end of period (month or year) processes are completed in the subledgers. Before closing the General Ledger, review the following:

• Close all subledgers (Accounts Receivable, Accounts Payable, Inventory and Fixed Assets) prior to closing the General Ledger.
• Post any unposted journal entries for the current period.
• Review the balances of key accounts and clearing accounts, however you can re-open the period to allow for adjustments. Always close the period from the Main Menu to ensure amounts are rolled over correctly.

To close the General Ledger period:

1. Click the Close Period - General Ledger link from the Main Menu. The Edit Fiscal Period screen opens.
2. Click the Close Period button at the top of the screen. System checks are performed, the period closed and the next period set to Current.

If you run the Close Period process for the General Ledger for the last period of the fiscal year, all ending balances for balance sheet accounts are automatically transferred to the beginning balances of the new fiscal year. Likewise, all revenue and expense balances are transferred to retained earnings and therefore reset to zero. Setting a period as Closed from the Fiscal Calendar does not perform the Close Period process. Always close period from the Main Menu.