Month-end closing in ERP systems is a crucial and intricate process. The specific routine operations can vary by organization and are influenced by the software settings and recorded business transactions. This guide will provide a detailed, step-by-step approach to closing the period in your ERP system.
Before finalizing the month, you should complete the following tasks:
- Process payroll calculations.
- Verify that all relevant documents have been entered into the system.
- Review the Trial Balance for any negative balances.
- Lock the period to prevent any further edits by employees.