General Ledger Concepts

The Close G/L Period feature lets you complete or close a business period. Once this is done, you cannot release a batch to the closed period. However, you can reopen the period and post to that period or any period afterward.

 

With this feature, you can post as far back as period one of the prior fiscal year, if that period is open and comes after the closed period. Since you now have the flexibility to go back to any period in the last year, you can close out your year on December 31. However, you cannot post back two or more prior years.  

 

When printing a G/L Batch using the (W) [A] Print G/L Batch function, if any postings for a closed fiscal period are in a batch, that batch doesn’t release. Once a period is closed, entries can be made to the batch for closed periods, however they cannot be released unless that period is reopened. If there are mistakes, the adjustments must be made and released with that period reopened.

Note: ECI recommends that you do not have more than one period with the same number open at the same time even if they are in different years. For example, ECI recommends that you do not have period 01 open for 2014 at the same time you have period 01 for 2015 open.

You can also add new chart of account records to the journalized CHARTFILE for the prior fiscal year. Many times, your accountant might give you new G/L account numbers to put in the prior year after the end of a fiscal year.

 

This feature applies to G/L posting, A/P posting, voiding checks, the (W) [A] Print G/L Batch function, the (W) [E] Build Cost of Goods Sold Batch function, the (W) [F] Print Allocation Batches function, and the (QR) [D] Print Checks function. When posting to a closed period, a warning message appears when performing any of these functions.

Note: Month-end procedure files do not close the period. You must manually close the period.

You can set passwords for this feature in the General Ledger Close Period Passwords Parameters.

Note: Text-based Accounts Payable and General Ledger work as before.

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Chart of Accounts Concepts