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Last modified on 5/26/2016 9:03 AM by User.

Tags:
G/L, Month, End, Closing, Procedures

G/L Month End Closing Procedures

Important Note: The directions below are general, overall month-end closing procedures for the General Ledger module. See individual module month-end closing procedures for step-by-step instructions.

The instructions in this document are if you post interface transactions for each module just once per month (for the entire month) for all module interfaces at one time each month.  Then the recurring entries are obtained, followed by entering the manual journal entries and posting the recurring and manual journal entries together.  Some clients obtain and post one module at a time, some obtain payroll after each payroll.  You need to decide the best process for yourself and create a G/L Check List (see our example on the web....look for the document titled:  G/L Month-End Checklist.

NOTE: As part of the End-of-Month procedures, an interface report is printed in the A/R and A/P modules to use in balancing.  See the documents, A/R End of Month Reports & Procedures and Accounts Payable Monthly Procedures - Interfacing Once a Month.  However the General Ledger closing may be at a later date.  Before answering YES to the G/L interface posting Check the original interface reports against the new interface reports. The totals on both interface reports MUST be the same. If not, then someone has posted an entry after the "actual" month end. This entry needs to be fixed before "posting" the interface.

NOTE: An interface generated for the entire month should only be ‘posted’ once for the entire month. You do, however, have the option of printing an interface report any time during the month from the actual module.  For example, the A/R to G/L interface may be obtained each day after all the A/R postings are completed.  See the document titled:   Accounts Payable Monthly Procedures - Interfacing More Than Once a Month.  The payroll module may be posted into G/L after each payroll is finished.

Obtain and post the interface transactions

Enter any manual and recurring journal entries (if necessary)

  • General Ledger (Module 4)
    • ​Obtain recurring journal entries (Task 9)
      • ​Make necessary changes to entries in Task 2
    • Manual TRX entry & editing (Task 1)
      • ​Enter ADD New Transactions (Sub-task 1)
        • ​Print Transaction Edit List (Sub-task 4).  Check each recurring and manual journal entry.  Make any corrections.  Some people like to keep a final copy of the edit list.
        • Manual journal entries may be entered and posted at any time.

Print Trial Balance reports

 

Print Financial Statements

  • General Ledger (Module 4)