Questions and Answers

Q: This article provides some recommendations to follow before closing General Ledger (GL)

A:

Please refer to the checklist below:

Important
These are only guidelines to follow before closing GL. Each company should develop their own procedures to follow before closing.

1. Release all information from linked applications to GL.
2. Post all batches for the period being closed.
3. Create a full and verified backup of the data files prior to closing. This backup is separate from the daily backups.
4. Verify that all users are out of the system.
5. Clear all flags from System Manager (SM).
6. Reindex all application files in SM.
7. Reindex all system files in SM.
8. Close period or year for each module in the following order:
   • PO, OE, AP, AR, IC, JC, PR and GL.
   • Payroll should be closed at the end of every quarter.
   • GL should always be closed last.
9. Print the following reports from GL:
   • General Journal – period to date detail
   • Trial Balance – Total Company
   • Balance Sheet – Total Company
   • Income Statement – Total Company
   • Print all other relevant financial reports after consulting with an accountant.
10. Save all reports and registers for the audit trail.

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