It doesn’t appear that the client ever closed any periods so transactions, in some cases, are getting posted retroactively into prior periods (or years!) For example, the client processed a void check in February that was originally issued in January, so it booked the void in January. I presume this happened because that period was still available for posting. The client is fine actually going in and closing periods in the various modules, including G/L but what they are really seeking is an understanding of what actually happens when they “click the button.” I am researching as well but hoping for some expertise.
Answer
Closing of periods in the Acumatica system
Best answer by Laura03
Hello,
Surprisingly little happens when we close a period, IMO.
As you and your client noticed, when periods are left open, the year-end accurately rolls Revenue & Expenses into the beginning balance of Retained earnings in the next year.
Mainly the process of closing periods adds controls. Controlling access to prior periods, controlling posting (or preventing posting) to prior periods is the main advantage of closing out the modules.
Prior to “pressing the button”, the finance department should be reconciling each subsidiary module with its related accounts in the GL (Ap Aging, AR Aging, Inventory Valuation, PO Accruals, Bank Reconciliation, etc). (I expect your client is already performing these typical month-end tasks.)
Laura
+19Hello,
Surprisingly little happens when we close a period, IMO.
As you and your client noticed, when periods are left open, the year-end accurately rolls Revenue & Expenses into the beginning balance of Retained earnings in the next year.
Mainly the process of closing periods adds controls. Controlling access to prior periods, controlling posting (or preventing posting) to prior periods is the main advantage of closing out the modules.
Prior to “pressing the button”, the finance department should be reconciling each subsidiary module with its related accounts in the GL (Ap Aging, AR Aging, Inventory Valuation, PO Accruals, Bank Reconciliation, etc). (I expect your client is already performing these typical month-end tasks.)
Laura
~ Laura Barber, WM Synergy
+19Hello,
Always try to enter, release, post all transactions for the period that is being closed.
Acumatica will help identify un-released and un-posted batches… but Acumatica cannot tell when something is missing due to misdirected email or late mail.
To find unposted/unreleased batches for the period(s) you are closing, use this convenient report:
And we compare the Period/Sensitive and Valuation reports from subsidiary modules to the related control accounts in the GL:
Laura
~ Laura Barber, WM Synergy
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