Accounting > Financial > Association GL Setup
Learn how to Close a completed Financial Period or close Accounts Payable or Accounts Receivable independently.
NOTE- Prior to closing a financial period it’s important to make sure that your Bank Reconciliation is completed and that all General Ledger adjustments and corrections have been made.
Step 1. Navigate to Accounting > Financial > Association GL Setup
Step 2. From the Association drop down menu select the Association or Association group you wish to work with.
NOTE- You can choose a group of associations (My Associations) to close simultaneously, however you must choose the same action for all Associations chosen.
Step 3. Click the Search button to return a list that displays the Current Open Period of all Associations selected. Double check the Current Period to make sure it’s correct before making any changes.
Step 4. Click on the radio button on the far right that corresponds to the Association or multiple Associations, you want to close.
Step 5. Click the Action button on the far right and a drop down box will appear. From the drop down menu, choose Close Period.
How to Close Accounts Payable or Accounts Receivable
Closing Accounts Payable or Accounts Receivable will stop you or other users from inadvertently adding transactions to a period while it’s in the process of being finalized.
Step 1. - Step 4. - To close only the A/R or A/P, follow all the same steps as above.
Step 5. Click the Action button on the far right and a drop down box will appear. From the drop down menu, choose Close AP Period or Close AR Period.
It will then show that the AP or AR Current Period has been advanced to the next month. In the example below the Current Period is March, but the Current AP Period is April.
