Transactions are posted into the fiscal month open at the time they are saved, regardless of the date associated with the transactions.
Example: A company running their fiscal year January through December is currently in the third month (March). An Invoice entered with an April date is associated with fiscal month 3 since that is the month currently open. Month 3 must be ended before entering transactions that should post in Month 4.
Agvance assumes there are 12 fiscal months within the fiscal year. The End of Month process saves the balances for many files (Customers, Vendors, G/L Accounts, Inventory Products, etc.), and increments the fiscal month counter. It sets important markers in the data and is a time to carefully analyze the company position by reviewing the suggested reports.
Payroll End of Month is a separate function.
Note: If the Grain module is used, Grain End of Month procedures must be completed before ending the accounting month.
The following checklist can be used as a guide through the End of Month process.
Full Accounting End Of Month Checklist
Front Office Accounting End of Month Checklist
