General Ledger End of  Period Procedures

This section describes the procedures that you should perform on a monthly basis (or at the end of each accounting period) when you are processing general ledger transactions.  The procedures listed in this section can divided into two types. 

Operational procedures are those that must be performed in a timely fashion at the end of each period.  These required procedures perform the following functions.  They prevent transactions from being posted to incorrect periods, they provide the reports required to close the General Ledger at a later time, and they allow users to begin processing in the next period.  These procedures should be done on the last day of each accounting period.  These procedures are in bold in the list below. 

 Closing procedures are those that can actually be performed after the end of the accounting year (after transactions have been posted to the new year).  These procedures are used to close out the prior year after all final adjustments have been made to the prior years financials.

1.  Producing month end reports

2.  Changing the default accounting year and period

3.  Changing the system date

4.  Reconciling balance sheet account balances to the appropriate sub-ledgers.

5.  Resetting month to date statistics

6.  Closing the period

7.  Month End Maintenance Processing


Producing Month End Reports.

Changing the General Ledger Default Period

Setting the Valid Period/Year Posting Range

Changing the System Date

Reconciling Balance Sheet Account Balances to sub-ledger balances

Running Utility Programs to Reset Month To Date Statistics.

Closing the Period