Closing Procedures

This section lists the steps that should be followed when closing the current general ledger period.  The closing procedure is normally performed using the general ledger module and it involves booking the amount of income for the period to the current earnings account.  This step, which is performed by running financial statements and creating a journal entry, brings the balance sheet into balance for the period.  The closing procedure is not as time sensitive as the operational procedures discussed earlier in this document and it can be performed after the end of the period (operational procedures must be performed promptly at month end).

There are no specific accounts receivable procedures required in order to close a general ledger period.  You should ensure that all operational procedures for the period have been completed and that you have a valid sub ledger report for validating the amounts shown in the general ledger at month-end but no other actions should be required.


Maintenance Procedures