Bank Reconciliation > BR Period End Closing Overview

The Period-End Closing function allows you to close the company’s current period in the Bank Reconciliation module and move on to the next period.

The following are the effects of performing the period-end closing process:

•It advances the current period to the next period.

•If you activated the General Ledger (GL) module, the Period-End Closing function automatically makes a journal entries batch transfer of Bank Reconciliation transactions entered as of the current period to the GL module.

•Each bank account’s ending balance is carried over to the bank account’s beginning balance for the next bank reconciliation period.

•When you close the last period of the fiscal year in the Bank Reconciliation module, the system automatically advances the company to the next fiscal year.

•The system will ALWAYS transfer the transaction to the General Ledger in details; whether or not the account is to be transferred in summary as set up in the Chart of Accounts Maintenance function.

Note: It is strongly recommended that you first review the transactions in the Bank Reconciliation (BR) module to be transferred to the General Ledger before you perform the Period-End Closing process to check the accuracy of the transactions to be transferred. You can generate the BR Transaction Journal Entries Report from the Reports menu of the BR module to review the transactions that will be permanently transferred to the General Ledger.

BR Period End Closing Overview

BR Period End Closing Overview

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