Month-End Processing
Reference Contents > Ledgers Manager > Month-End Processing
Month-end procedures can be run individually for each ledger. Or, if appropriate, you can select a number of ledgers to close in sequence.
You select from the check boxes the ledger or ledgers you wish to close down, and Process month-end. You can only process month-end if you have passed the month-end date in the calendar. It is not a reversible process.
Ledgers that are unavailable for month-end are greyed. Each ledger transaction archive is to a separate named archive file in the Archive directory in tab-delimited file format that can be opened by a spreadsheet.
NOTE: Month-end processing is not permitted if there is no follow-on period in the Ledger period calendar. It is also not permitted if the Ledgers are Unlocked by entering the Non-balancing Transactions window.
TIP: You are not permitted to perform a Month-End process if the current day is not the last day of the current open ledger period unless the following days up to the last days are all Make Calendar inactive days. So if you have a weekend of holiday and this is the last working day of the accounting period you will be permitted to close the ledger.
The A/R and A/P ledger processes carry out the following tasks:
1. All transactions that are cleared prior to the data retention period for each account are archived to the file listed and deleted. A balancing value is left at the first transaction of the account if there is a balance carried forward from the archived records.
2.The ledger current period number is incremented.
Before a G/L month-end is processed the system checks that the G/L balances. Any imbalance will be reported and the month-end process will be abandoned. For month-end processing to take place the G/L trading accounts must correspond to the G/L asset accounts total for the current accounting period.
The G/L process carries out the following tasks:
1. All G/L accounts that are assigned to the Income statement (P and L statement) are balanced off with a balancing transaction reflecting the position at the end of the current period (ignoring transactions for later periods). The total of all balancing transactions is added to the Retained Profit and Loss control account. All such accounts have their current period turnover reset to reflect the new current position.
2. All G/L accounts that are assigned to the Balance sheet are checked for their correct balances and corrected if not accurate.
3. All transactions (that are cleared, in the case of Bank accounts) prior to the data retention period for each account are archived to the file listed and deleted. A balancing value is left at the first transaction of the account.
4. All accounts have their balances or turnover figures for the period and period-to-date updated to reflect the move to a new period.
5. All accounts have their balances or turnover figures for the period recorded in the budget history record for the account (if there is no budget for the account/period, a record will be created).
6. The General Ledger current period number is incremented.
TIP: Rules to follow before processing month end:
1. Confirm all depreciation is charged from the Asset Register with the Post all depreciation for this period button function within the Asset register maintenance window. Alternatively, this can be done automatically at G/L Month-End.
2. Satisfy yourself that all processing for the period is complete.
2. Ensure the Period calendar is up-to-date.
2. It is recommended that all G/L account budgets are covered for the forthcoming period.
It is recommended that you choose the Reset General Ledger balances first option that carries out a check that the balances and turnovers held on the accounts correspond exactly to the underlying transactions in the accounts. This process is the same as the Re-set General Ledger Balances function in the Data File Integrity Maintenance window.
If you are processing a General Ledger Month-end, you may choose the option of posting all asset depreciation prior to processing the month-end. Any assets whose depreciation has already been posted manually will be ignored. A ledger balance check is made both before and after posting depreciation. Only if the check succeeds on both occasions does the system proceed with the G/L month-end.
|
Field |
Description |
|---|---|
|
Accounts Receivable |
Select for Accounts Receivable period-end processing. |
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– Post Un-posted Agent Commissions From Commission Log |
This option will cause the system, after doing the A/R month-end, to post any un-posted commissions earned by agents where those agents have valid cost posting and accrual G/L accounts.
|
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– Distribute Commission Pools to Members |
This option will cause the system, after doing the A/R month-end, to distribute any un-distributed commissions earned by pool agents to the pool’s membership.
|
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– Post Commission Agent Supplier Invoices |
This option will cause the system, after doing the A/R month-end, to invoice suppliers any un-invoiced commissions earned by agents where those agents have valid supplier codes and accrual G/L accounts.
|
|
Accounts Payable |
Select for Accounts Payable period-end processing. |
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General Ledger |
Select for General Ledger period-end processing. This selection is only available when both AR and AP ledgers have been or are being processed for the indicated period. |
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– Reset General Ledger balances first (takes longer but is much safer) |
This option will cause the system to first reset the G/L. This ensures that the the balances are correct before and that the accounts truly balance. |
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– Post depreciation for Asset Register assets |
This option will automatically post all asset register depreciations prior to running month-end. |
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– Balance-off Trading Accounts into Profit/Loss |
This option is only available when the Manager Control option to manually balance off trading accounts has been set. It is used to control the balancing off process. |
|
Button |
Action |
|---|---|
|
Process |
Click to process the selected month-ends. |
The window has 2 tab panes.
Cleared Transactions Archive
Other Activities and Controls
Cleared Transactions Archive
Shows archive policy set in Ledger Manager Control Settings.
|
Field |
Description |
|---|---|
|
A/R Archive file |
The transaction archive file path. |
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A/P Archive file |
The transaction archive file path. |
|
G/L Archive file |
The transaction archive file path. |
Other Activities and Controls
Options to roll-over period values and controls of processing termination.
|
Field |
Description |
|---|---|
|
Roll-over Customer Period Turnovers |
Check this option to roll-over the customer period turnover values from 2 to 3, 1 to 2 and clear period 1. |
|
Roll-over Supplier Period Turnovers |
Check this option to roll-over the supplier period turnover values from 2 to 3, 1 to 2 and clear period 1. |
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Roll-over Parts Period Usage |
Check this option to roll-over the parts period usage values from 2 to 3, 1 to 2 and clear period 1. |
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End with Message |
Processing will end with a message only. |
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End with Program Restart (more safe) |
Processing will end with a program restart so that user login is required (safer). |
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End with Program Exit (for backup) |
Processing will end with a program exit so that the data file is released for automatic backup. |
Compiled in Program Version 5.10. Help data last modified 23 Feb 2016 10:26:00.00. Class wAcMonthend last modified 1 Mar 2016 05:18:29.
Reference Contents > Ledgers Manager > Month-End Processing
