Procedures at the end of the month or the end of the quarter, or both, for examining financial transactions and making corrections and adjustments.

Period-end closing includes the following tasks:

  • Making sure that all transactions for the period were posted properly, including adjustments and accruals
  • Printing trial balance
  • Printing vendor liabilities aging and customer receivables aging reports to reconcile receivable accounts with the G/L
  • Printing inventory audit report to reconcile inventory with the G/L
  • Printing financial statements
  • Making a backup of your database and put it in an off-site storage location
  • Closing or deactivating the fiscal period by locking it using the posting period window