General Ledger - Perform Final Close

Pgm: PEREND – Perform Month End; standard Treeview Path: General Ledger > Period End > Perform Final Close

This step should be run when there won’t be any more transactions for the period for any department. For example, as with the previous step, if January is the period to be closed, it could easily be April before this step is performed, due to transactions still needing posting in January.

When ready to run the final close procedure, follow the steps listed below.

Ensure All Batches for Period Are Posted

Post all GL batches that contain transactions for the period to be closed.

Ensure All Sub-Ledgers Have Completed Period

As sub-ledger information flows through to the General Ledger, all sub-ledgers must have completed their period end processes for the period to be closed.

Print the GL Posted after Preliminary Close Report

This report will show exactly what transactions were posted to this period after the preliminary period close was completed. This is only applicable if the preliminary close feature is being used.

Print Trial Balance Report

The Trial Balance report is designed to facilitate the process of balancing the General Ledger by showing the total debit and credits for each account. Zero balances may be suppressed.

Make Any Necessary Corrections

If there are amounts posted to the wrong accounts, these problems should be corrected before going any further.

Reprint Trial Balance Report

Reprint a copy of the Trial Balance report for the period and file this report.

Close the Period

This procedure advances the current period for the company by one. Transactions cannot be entered to the closed period once this step is completed.

Once this procedure is executed, transactions cannot be entered into this period. If not all transactions for the period have been posted, do not run the final period close.

The only field enterable on this screen is the company code. All other data is display only and cannot be updated by the user. The system knows the current period of the company and therefore the next period. It also knows when a new year is being started. There is a button that will print a report of any unposted transactions that are applicable to the company and current period.

Print General Ledger Report

Print a General Ledger report for the period and file this report. This report shows all the activity of each account for the specified company within the period.

Print Journal Reports

Print the journal reports for the period for each of the journals used by the company, if required. These reports show the details of each transaction entered in the journal at a specific time, sorted by transaction number. This step is optional.

Print Financial Statements

Print a copy of the financial statements for the period. These statements can be printed at any time after a period has been closed.