Closing the Month in General Ledger

You can close the month in General Ledger for year-end.

After entering and posting all monthly transactions, then printing reports and statements, it's time to perform month-end procedures.

When you close the month, the current posting period is updated to the next month. If the month has open transactions, you cannot close the month. You can close the month if there are open transactions for a past or future month.

Perform month-end closing only for months 1-11 of the fiscal year. Month 12 of the fiscal year closes with year-end procedures. If you are operating in a month other than month 12 of your fiscal year, you must close all months until you reach month 12 before you can close the year.

We recommend backing up your financial data each month and keep a copy, so that at the end of the year you have 12 separate months on file.

Note:

Did you know?

You don't have to accept the balance on your bank reconciliation before closing the month or year in General Ledger.

  1. Under Manage Records, select the Transactions tab.
  2. In the drop-down list, select General Ledger Transactions and click Go .
  3. In the G/L Posting Menu window, click Close Current Month.
  4. When the confirmation message displays, click Yes.