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The month-end closing is a process used to automatically generate specific documents, verify and adjust the balances of GL accounts at the end of the selected period. If the process ends with errors, you may need to perform manual corrections. . review the documents related to the period, make sure they are posted and corresponding tax documents are generated and posted. The tool is also used to close the financial year.
In FirstBIT ERP, month-end closing does not imply any restrictions on user actions – after the month is closed, you can return to any previous month to enter or edit transactions. If you changed documents in any of past months, you must again perform month-end closing for this month and each month after.
On the form, you can view statuses of the current year's periods. For each month, you can view which processes were selected for execution and whether these processes were executed successfully.
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Documents of the following types are generated in the process of month-end closing:
- Main: Opens the Month-End Closing form (this form) so that you can run the closing process again after you manually corrected the errors if any.
- Month-End Closing Documents: Opens the list of documents of this type generated during each execution of the month-end closing process.
- Fixed Asset Depreciation Documents: Opens the list of documents generated for the closing process with the Calculate Depreciation option selected.
- Revenue Recognition Documents: Opens the list of documents of the corresponding type, generated with Calculate Current Revenue for Deferrals option selected.
- Expense Recognition Documents: Opens the list of documents of the corresponding type, generated if the Calculate Current Expenses for Deferrals option was selected.
- End-of-Service Benefit Calculation Documents: Opens the list of documents of the corresponding type, generated if the Calculate End-of-Service Benefits option was selected.
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