Period End
Process Steps
Purchasing:
01. Complete all transactions for the period being closed
02. Review the current and future commitments
03. Review the outstanding and overdue purchase orders
04. Follow up Receipts – check with Suppliers
05. Identify and review Uninvoiced receipts (Period end Accruals)
06. Follow up outstanding Invoices
07. Complete the Payables period end process
08. Run Receipt Accruals – Period end process
09. Reconcile Accounts – Perpetual accruals
10. Perform year End Encumbrance Processing
11. Close the current purchasing period
12. Open the next purchasing period
13. Run standard Period end reports
Fixed Assets
01. Transfer Summary or Detail Transactions
02. Open the next inventory period
03. Run calculate gains and losses
04. Run depreciation
05. Create accounting
06. Rollback depreciation
07. Create deferred depreciation journal entries (Optional)
08. Depreciation projections (Optional)
09. Review and Post Journal Entries
10. Reconcile Assets to General Ledger using reports
11. Run responsibility reports (Optional)
Receivables
01. Complete all transactions for the period being closed
02. Reconcile the transaction activity for the period
03. Reconcile the outstanding customer balances
04. Review the unapplied receipts register
05. Reconcile receipts
06. Reconcile receipts to bank statement activity for the period
07. Post to the General Ledger
08. Reconcile the General ledger transfer process
09. Reconcile the Journal Import process
10. Print Invoices
11. Close the Current Receivables Period
12. Review the Subledger period close exceptions report
Purchasing:
01. Complete all transactions for the period being closed
02. Review the current and future commitments
03. Review the outstanding and overdue purchase orders
04. Follow up Receipts – check with Suppliers
05. Identify and review Uninvoiced receipts (Period end Accruals)
06. Follow up outstanding Invoices
07. Complete the Payables period end process
08. Run Receipt Accruals – Period end process
09. Reconcile Accounts – Perpetual accruals
10. Perform year End Encumbrance Processing
11. Close the current purchasing period
12. Open the next purchasing period
13. Run standard Period end reports
Fixed Assets
01. Transfer Summary or Detail Transactions
02. Open the next inventory period
03. Run calculate gains and losses
04. Run depreciation
05. Create accounting
06. Rollback depreciation
07. Create deferred depreciation journal entries (Optional)
08. Depreciation projections (Optional)
09. Review and Post Journal Entries
10. Reconcile Assets to General Ledger using reports
11. Run responsibility reports (Optional)
Receivables
01. Complete all transactions for the period being closed
02. Reconcile the transaction activity for the period
03. Reconcile the outstanding customer balances
04. Review the unapplied receipts register
05. Reconcile receipts
06. Reconcile receipts to bank statement activity for the period
07. Post to the General Ledger
08. Reconcile the General ledger transfer process
09. Reconcile the Journal Import process
10. Print Invoices
11. Close the Current Receivables Period
12. Review the Subledger period close exceptions report
