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Month End Close / Period End Close

The following videos will show to perform a month end and a period end close within Orchestrated Software: 

 

 

A downloadable PDF can be found here:

Month End Closing Task Checklist (PDF)

Month End Close (PDF)

Summary

Also know as “Period-End Close”, this is the process or list of tasks done to close the books for a previous month or posting period. When the process is complete, the books are officially “closed” for that time period. This means that no further transactions will be posted to that time period and the financial reports will never change for that period.

 

Period End Closing Processes in Orchestrated:

1.  Review in-process transactions

  • Open Sales Orders and Purchase Orders
  • Goods Receipt POs not invoiced
  • Deliveries not invoices
  • Open Production Orders
  • Open AR & AP invoices

2.  Review Inventory Audit & Inventory Posting List Reports

3.  Count inventory and post the adjustments

4.  Run AR & AP Aging reports

5.  Bank Reconciliation

6.  Run Financial Reports

7.  Run TTB & Shipment reports (if required)

  • TTB BRO & Federal Excise report
  • Taxable Shipment Details Report (for state taxes)

8.  Change Period Status to Locked

9.  Run the Period-End Closing Utility (year-end only) 

  

 

Version 4.5.1.0

 

 

 

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