Month-end or quarter-end procedures, or both, to review financial transactions and make corrections and adjustments.
The period-end closing includes the following tasks:
- Ensure that all transactions for the period have been properly accounted for, including adjustments and accruals
- Pressure of the cumulative balance
- Print due date reports for supplier payables and customer receivables to reconcile the receivables accounts with
the general ledger - Print the inventory audit report to reconcile the inventory with the general ledger accounting.
- Printing financial statements
- Create a backup copy of your database and store it in an external location.
- Closing or deactivating the business period by locking it via the Posting Period window
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