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general:checklists:endofmonthclosingchecklist
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End-of-Month Closing Checklist
After all transactions for an accounting period have been completed, it is necessary to close the accounting period. Following the procedures outlined in this checklist ensures that you have accurately closed the accounting period.
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1. Prepare for end-of-month closing:
Prior to starting end-of-month closing, verify the following processes are complete:
• All entries for the month have been posted.
To avoid month-to-month balance discrepancies, it is recommended to confirm that all fund totals are zero on a monthly basis. Log on to file ID C. Finance > Inquiry > General Ledger Inquiry Verify the bank account group fund fiscal year. Run an inquiry to verify that Fund Total (YTD), Fund Total (Current), and Fund Total (Next) amounts are zero. Note: If amounts are not zero, contact your regional ESC consultant for further assistance.
❏ Select Include Inactive Accounts. Selecting this option may prevent out-of-balance accounts. ❏ Unselect the Show Details checkbox. ❏ Leave all account code components masked (X). ❏ Click Retrieve to generate a summary for all accounts. |
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2. Finance > Tables > District Finance Options > Accounting Periods
• The current accounting period may be locked to keep other users from posting to the month about to be closed. Select Lock Current Accounting Period.
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3. Review the following Finance reports to ensure accuracy of current accounting period data.
• FIN1000 - Cash Receipts Journal
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4. Finance > Utilities > Export Finance Tables
Export the database. |
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5. Finance > Utilities > End of Month Closing
Perform EOM closing. |
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6. Finance > Tables > District Finance Options > Accounting Periods
Verify that the current accounting period is correct. |
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7. Finance > Utilities > Export Finance Tables
Export the database. |
general/checklists/endofmonthclosingchecklist.1557435898.txt.gz · Last modified: 2019/05/09 16:04 (external edit)