GL: Closing Fiscal Period Procedures

You can use this document to learn what actions to take, by module, to close a fiscal period.

Payroll

  1. All Payroll batches (manual/void checks) are processed, printed and updated to the GL.
  2. All remaining manual/void checks written in the fiscal period need to be entered and updated.
  3. If your company pay periods do not coincide with your fiscal period (month) end, you will need to run the Labor Accrual program.
  4. Run an Employee W2 report for totals only using the date range of the current month. Make sure the Employee W2 report balances with all payroll processed in the month.
  5. Run the 941 report. (On a quarterly basis, run the UC report)

Accounts Payable

  1. Make sure all invoices for the month are entered and posted to the General Ledger
  2. Make sure all manual checks for the month have been entered and posted to the General Ledger.
  3. Make sure all EFTs and debits for the month have been entered and posted to the General Ledger.
  4. Run a Vendor Analysis Aging report for the month. The total amount of this report should equal the Accounts Payable balance in the General Ledger.

Accounts Receivable

  1. Make sure all Invoices processed have been printed, reprinted or marked as do not print.
  2. Make sure all Invoices have been updated to the General Ledger.
  3. Make sure all deposits have been entered and updated to the General Ledger.
  4. Run an Invoice Aging by Tiers report with a Cut Off Date and Aging Date of the last day of the Fiscal Period. The total amount of this report should equal the Accounts Receivable balance in the General Ledger.

Inventory

  1. Make sure all inventory activity has been entered and updated to the General Ledger.
  2. Print a Tally Sheet from the Inventory Physical Count option and perform a physical count of all inventories in the warehouse.
  3. Enter any variance in counts from the warehouse to what the computer has on hand and update to the General Ledger.

Fixed Assets

  1. Enter any new assets purchased into the Fixed Assets Master File.
  2. Update Depreciation for the current month into the General Ledger.
  3. If you have any recurring journal entries set up these will need to be reviewed and updated to Adjusting Journal Entries.
  4. Enter and update to the General Ledger all Adjusting Journal Entries.

General Ledger

  1. Perform a Bank reconciliation.