Many of us have our month-end close process down to a science, but it’s always nice to have a refresher and/or cheat sheet. Below, we’ll go through the various modules and the reports you’ll use for each. For even more detail, check out this blog from earlier this year.
Receivables
Reconcile Receivables to General Ledger
Reports to use:
- AR Aged Period Sensitive
- Trial Balance
Payables
Reconcile Payables to General Ledger
Reports to use:
- AP Aged Period Sensitive
- Trial Balance
Fixed Assets
Reconcile Fixed Assets to General Ledger
Reports to use:
- FA Balance by GL Account
- Trial Balance
Note: Once you close Fixed Assets, it is closed. You can no longer post to a closed period.
Inventory
Reconcile Inventory to General Ledger
Reports to use:
- Historical Inventory Valuation
- Trial Balance
Purchasing
Reconcile Purchasing to General Ledger
This one is a little more difficult because the Purchase Accrual Report does not show by period.
Reports to use:
- Purchase Accrual Summary
- Trial Balance
Banking
Reconcile Banking to General Ledger
This one is a little more difficult because the Undeposited Payments Report does not show by period.
Reports to use:
- Undeposited Payments
- Trial Balance
Perform your Bank Reconciliation (Note: This can be done after closed but if you missed anything you will need to have someone post to a closed period or add it to the next month.)
After Reconciliations are Completed
After you are done with reconciling all your Control Accounts, then you can close each module individually or close them all at one time from the Finance screen.
A best practice is to close them as soon as you have all documents in the period that you needed. You can always post to a closed period if something was missed, except for Fixed Assets. The sooner you can close each module, the fewer mistakes that will happen.
If you’re having trouble, please contact our Acumatica experts!
