Accounting period end routines

As you move through the financial year, you must close and open your accounting periods.

Closing accounting periods is done in Accounting System Manager, however there are various tasks to perform in each module before closing each period.

You can adapt the following to make a period end check list for your own business requirements, adding your own items if required, but you must perform the preparatory tasks in each module before closing a period for that module.

Note: Only run period end routines when no one else is logged on to the system.

  • Enter all transactions for the current period to be closed.

  • Set up any template journals required for period end processing.

  • Enter any periodic journals (for example, prepayments The process of deferring expenditure and income to the accounting period in which it is incurred. This usually involves setting up an asset on the Balance Sheet for bills paid in advance, and then releasing that asset by instalments to the accounting periods in which the service is actually provided., accruals The process of matching expenditure or income to the accounting period in which it was incurred rather than paid; for instance, a rent cheque or utility charges.).

  • Ensure you have printed and checked all relevant module reports required for end of period routines, including the VAT report and VAT Return.

  • Check to see postings that are yet to be updated to the nominal accounts, by running View Waiting Postings in the Nominal Ledger.

  • Run Update Waiting Postings in the Nominal Ledger.

  • Print and store your Transaction Audit file for the month in the Nominal Ledger.

  • Balance your ledgers for the period to ensure that system integrity is maintained.

  • (Optional)Tidy up transactions on accounts in all modules by deleting any completed transactions.

  • Take a backup of your data.

  • Finally, close the accounting period you require for the Sales and Purchase Ledgers, Cash Book and Stock Control module.

    Note: Close the Nominal Ledger period last.

    Closing a period automatically opens the next one, if it is a Future period.