Association > Financial > Association GL Setup
Use this page to manage accounting periods.
This page allows you to manage an Accounting Period, either fully, or partially while you’re completing financials, to reopen closed periods and to Clear or Calculate the period.
Step 1. Navigate to Association > Financial > Association GL Setup.
Step 2. Use the Search fields to locate the Association you need to manage.
Step 3. Check the box on the far right for the Period you need to manage.
Step 4. Select one of the following options from the Page Action drop down menu.
Clear Period- This process zeroes the amounts stored in the Period tables for the current Period. This is helpful if the Period totals are inadvertently calculated for the current month as these partial totals will be included in the Period reports such as the Income Statement Period Summary. To Clear the Period, check the box for the association(s) and select Clear Period.
Calculate Period- This process summarizes the Period's transactional activity and stores the results in the Period tables. The intent is to allow information to populate the Period tables for the current Period without having to actually close the Period. To Calculate the Period, check the box for the association(s) and select Calculate Period.
Close Period- Closing the Period ensures the financial data in the system matches the generated financial reports. The Close process also summarizes the Period's transactional activity and stores the results in the Period tables. This information is used for historical reporting purposes in the various Period reports.
Close AP Period- During the month-end close process, the AP ledger can be closed independently of the Period. Closing the ledger prevents any additional AP transactions from posting into this Period. A note is displayed in the Current Period column for the association indicating that the AP ledger is closed.
Close AR Period- During the month-end close process, the AR ledger can be closed independently of the Period. Closing the ledger prevents any additional AR transactions from posting into this Period. When the AR Period is closed, a note is displayed in the Current Period column for the association indicating that the AR ledger is closed.
Close Year- Closing the Year will generate year end closing entries to the general ledger. This will mark the "current" Year as closed and designate the next Year as the "current" Year. The Close process also summarizes the Year's transactional activity and stores the results in the period tables. This information is used for historical reporting purposes and to clear revenue and expense accounts to equity for the new Year.
NOTE- Before closing the Year, make certain the last month of the Year, either fiscal or calendar, is closed.
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ReOpen Last Period- This process allows for ReOpening a closed Period in the event a transaction(s) needs to post within that Period. To ReOpen the last closed Period, check the box for the association(s), then click the Action button and select ReOpen Last Period.
NOTE- If financials have already been created for the closed Period, any transactions posted to the closed Period will cause the previously created financials to change.
ReOpen Last AP Period- The AP ledger can be ReOpened independently. ReOpening the ledger allows changes to AP transactions to a previously closed ledger. To ReOpen the AP ledger, click the Action button and select ReOpen Last AP Period. When the AP period is ReOpened, the previously displayed note in the Current Period column will disappear.
NOTE- If financials have already been created for the closed Period, any transactions posted to the closed Period will cause the previously created financials to change.
ReOpen Last AR Period- The AR ledger can be ReOpened independently in order changes to AR transactions in a previously closed ledger. When the AR period is ReOpened, the previously displayed note in the Current Period column will disappear.
NOTE- If financials have already been created for the closed Period, any transactions posted to the closed Period will cause the previously created financials to change.
ReOpen Last Year- This process allows for ReOpening a closed Year in the event a transaction(s) needs to post within that Year. To ReOpen the last closed Year, check the box for the association(s), then click the Action button and select ReOpen Last Year or click on ReOpen xxxx Year link next to individual association. Any year end closing entries generated will be removed from the general ledger.
NOTE- If financials have already been created for the closed Year, any transactions posted to the closed Year will cause the previously created financials to change.
