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Fastbase Accounting System - Online Manual

General Ledger Period End

Document 102441/1

Entered Fri, 1 Nov 2002 15:13 by Peter Campbell
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).

Reversing the Period End Procedure

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