At Month-End

1.  Halt all processing in current period.

2.  Produce the Month End Reports.  This procedure is used to produce the month end reports that are used to substantiate the balances in your general ledger.  The reports that are produced using this procedure are reports that will change as soon as processing occurs in the next period, and these reports may be needed to resolve any discrepancies between the various sub-ledgers and G/L control accounts.  These reports are must be run at the end of the current period after all processing for the current period has taken place and before any processing occurs in the next period.  Valid reports cannot be produced once processing  in the next period.has taken place.  The reports that are normally produced at month-end are listed below.  The default selections on all listed reports should provide you with the correct information for accounting cut-off purposes.

•      Trial Balance

•      Accounts Receivable Aging

•      Accounts Payable Aging or Open Accounts Payable report

•      Inventory Valuation

•      Un-vouchered Receipts report

•      WIP Valuation

•      Pending Valuation

3.  Change the General Ledger Default Period and adjust the valid posting range.- Select the Set Default Per/Year program from the GL Utilities menu, type in the number of the next period, and press the ENTER key to save the changes and return to the menu.  Verify that all operators exit and re-enter the system after the default period has been changed – all operators should either exit the system before the default period and or year is changed, or they should exit and re-enter the system after the default period has been set.  This ensures that all operators are forced to use the new default period.

4.  Change the System Date - This procedure should be done on the first day of the new period, before any processing begins.  This procedure updates the transaction posting dates and prevents transactions from being posted to the new period with a posting date that indicates a prior period.  This step is normally done automatically by the system each time a user logs in or as part of the night-time processing that is performed on the system.

5.  Verify that new date is displayed on menu screens.  If the Old date still appears on an operator screen, have them exit and re-enter the database in order to change them to the new system date.  Once you have verified that the proper date and period are being used by all operators, you may begin processing in the new period.

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After Month-End