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