This utility controls the processes that close the current accounting period and opens the next accounting period for accounting purposes. The following processes are included:

• Deferring unpaid checks.
• Closing the accounting period.
• Adding a process date to the current closing account period transaction.
• Updating balances in general ledger records.
• Resetting the current accounting period to the next accounting period in the fiscal year.

When the end-of-month closing is complete, the following occurs:

• The contra offset records are recreated.
• Transactions are updated with a processed date.
• Ending balances for the period are brought forward.
  • The current ending balance is moved to the current beginning balance.
  • The posting balance is moved to the current ending balance.
• The accounting period is incremented by one. For example, if the current accounting period was 05, and you ran the end-of-month process, the new current accounting period changes to 06 automatically.

Note: Prior to using the End of Month Closing utility, ensure that you have followed the end-of-month closing checklist.

TSDS Extract Notes