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GL Posting Scenarios

Changing The Fiscal Month/Year​

Before the user changes the Fiscal Month or Fiscal Year, they must ensure that all entries for the month to be closed have been entered. Such entries may include Time, Disbursements, and Accounts Payable. The user should then run a Trial Balance, all Month End Reports, and complete the Month/Year End Worksheets. Once these tasks are completed, the Month/Year can then be closed.

"Soft" Closing A Month​

This feature allows the user to enter information into two accounting months. For example, the Firm may decide to keep their Month End open for a few days, allowing entries to be made to both the accounting month that is in the process of being closed, and the new accounting month. To enable this feature, keep the Current Accounting Month as the month that is being closed, and change the Auto Post Month to the new accounting month.

"Hard" Closing A Month​

Once an accounting month has been 'hard' closed, no further entries can be made to that month. If an entry is attempted against a 'hard' closed month, the system will warn the user that if they continue, the entry will be posted against the selected month FOR THE NEXT YEAR. To 'hard' close an accounting month, change both the Current Accounting Month and the Auto Post Month to the number of the new accounting month.

Month "13"​

This feature is used to allow Year End Procedures to occur while keeping the last month (12) in balance. Month '13' gives the Firm a chance to make any necessary adjustments and/or entries before rolling over into the new Fiscal Year. Reports that are available for Month '13' include; GL Trial Balance, Detailed GL, and GL Operating Statements. Note: As a result of the Year End Closing Procedures, all Fiscal Year End closing entries are posted to Month 13. All revenue and expense accounts are cleared to this month and are reset to zero.

Year End Closing​

Once the Month End procedures are completed for Month 12, the Firm must then close their current Fiscal Year. Note: Once the year is closed (through the Year End Closing routine), all Fiscal Year End closing entries are posted to Month 13. All revenue and expense accounts are cleared to this month and are reset to zero. Do not forget to change the system's default year.