Introduction
At the end of every period, accounting books need to be closed. In this chapter, we will look at the core steps required to close the financials periods.
The following diagram shows a typical period end process:
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1. The bank statements are reconciled in Cash Management. Additional miscellaneous transactions are created.
2. All the transactions for the period are completed in the Subledger. All outstanding issues are resolved.
3. Run the Invoice Validation Report in Payables.
4. Review and resolve holds in Payables.
5. Run Purchasing Receipt Accruals.
6. Run Mass Additions Create for Assets.
7. Post Mass Additions.
8. Run Depreciation.
9. Create Accounting for transfers from the Subledgers to the General Ledger.
10. Run Payables Accounting Process to transfer to the General Ledger.
11. Run Receivables to transfer to the General Ledger.
12. Run Inventory to transfer to the General Ledger.
13. Post Journals in the General Ledger.
14. Run Journal Import.
15. Post Journals in the General Ledger...
