Accounts Receivable Period End

Updated Thu, 9 Sep 2004 16:13

1. Process any standing transactions (Transactions, Process Standing Transactions).
   
2. Ensure all accounts receivable transactions (invoices, receipts, journals etc.) have been entered for the period.
   
3. The bank account should be reconciled up to the period end.
   Once period end processing has been run you will not be able to maintain receipts in the closed period.
   
4. Run period end processing for the accounts receivable module (Processing, Period End).
   
   If you have overseas customers you will be prompted to enter/confirm the exchange rates for the various currencies in use. The entered rates are used to update unpaid transactions to the general ledger and for reporting purposes.
   
   This process closes all batches for the old period and changes the current period end date to the new period.
   
   Note: when running the period end process you will have the option to automatically disable all overdue customers. This option can be defaulted, see Setup.dat - Customer for details, re: setup(disable_overdue_customers).
   
   
5. Run a Customer Aged Trial Balance and Customers/Invoicing Audit Trail as required.
   
   
6. Run statements for the period (Print Customer Statements).

Inventory Period End

Updated Wed, 25 Feb 2004 09:47

1. Ensure that all inventory transactions (stock adjustments, part assemblies) have been entered for the period and that all stock branch transfers have been receipted.
   
   A list of un-receipted branch transfers may be printed by going into the menu option Processing, Receipt Transfers and then clicking the Print Outstanding Transfers button.
   
   
2. Ensure all goods receipts for the current period have been costed and confirmed.
   
   Once period end processing has been run active goods receipts in the period being closed cannot be changed, however the receipt can still be confirmed/completed.
   
   The inwards goods report (Reports, Purchasing Reports) reports the status of goods receipts.
   
   
3. Run period end processing for the inventory module (Processing, Period End).
   
   This process closes all batches for the old period, changes the current period end date to the new period end and automatically runs the stock cost adjustments report.
   
   The stock cost adjustments report checks that the cost price recorded on all sales is correct, any inconsistencies are updated automatically.
   
   The cost price on sales may change if items were sold prior to the goods receipt being entered/costed or if the costing of a goods receipt is changed subsequent to the goods being sold.
   
   
4. Run reports as required (e.g. stock valuation report, stock sales analysis report etc. – located under Reports, Financial and Reports, Sales).
   

Accounts Payable Period End

Updated Thu, 9 Sep 2004 16:14

1. Process any standing transactions (Transactions, Process Standing Transactions).
   
2. Ensure all accounts payable transactions have been entered for the current period and supplier statements have been reconciled.
   
3. Generate supplier payments by running payment processing (Processing, Vendor Payments).
   
4. Run period end processing for the accounts payable module (Processing, Period End).
   
   If you have overseas suppliers you will be prompted to enter/confirm the exchange rates for the various currencies in use. The entered rates are used to update unpaid transactions to the general ledger and for reporting purposes.
   
   This process closes all batches for the old period and changes the current period end date to the new period end.
   
   
5. Run a Supplier Aged Trial Balance and Supplier Audit Trail as required (Reports, Financial).
   
   

General Ledger Period End

Updated Wed, 25 Feb 2004 09:47

1. Process any standing transactions (Transactions, Process Standing Transactions).
   
   
2. Ensure all general ledger transactions (cash payments, cash receipts etc.) have been entered for the period.
   
   
3. Ensure that all bank accounts are reconciled up to the end of the period.
   
   
4. Ensure any asset sales/disposals have been processed (if applicable).
   
   
5. Run period end processing for general ledger (Processing, Period End).
   
   This process closes all batches for the old period and changes the period end date to the new period.
   
   Note that GL journals can be entered into any period in the current financial year regardless of the current GL period end.
   
   If you have any fixed assets then the Final Depreciation Schedule will be run automatically.
   
   
6. Carry out a GENERAL LEDGER UPDATE (Processing, General Ledger).
   
   If you have overseas suppliers and/or customers you will be prompted to enter/confirm the exchange rates for the various currencies in use. The entered rates are used to update unpaid transactions to the general ledger and for reporting purposes.
   
   Run the test option first to check for posting errors. Now run the update option.
   
   
7. Run a Trial Balance report (Reports, General Ledger).
   
   Ensure that the trial balance balances.
   
   
8. Ensure that the accounts payable control and debtors control accounts balance to the accounts payable aged trial balance and accounts receivable aged trial balance.
   
   
9. Run financial statements as required (Reports, General Ledger).