The End of Period routine can be divided into three steps:
System Balancing Test*
Reports
Month End Purge*
Those programs marked with an * are absolutely required to be run as part of your month end routine to make sure that your accounts payable files are in balance and to update MTD and YTD totals in your supplier file.
We recommended that you print the following reports to provide you with the necessary audit trails for each month's activity:
Division Summary (See 24758 Division Summary Report)
Paid Invoice Summary (See 24762 Paid Invoice Summary Report)
GST Monthly Summary (See 24759 GST Monthly Summary Report)
Supplier Ledger Report (See 24768 Supplier Ledger Report)
Cash Requirements Report (See 24755 Cash Requirements Report)
Before you start the End of Period routine for accounts payable, please make sure that all updates have been done, such as Invoice Posting, Quick Pay Posting etc.
The Accounts Payable system is not time critical. By default A/P transactions are posted to the general ledger based on the individual transaction dates, not batch dates in which the transactions are recorded. In other words it is possible to post transactions into the next period before performing your previous month's period end processing. Thus, you can perform your period end processing either on the last day of the previous month, the first day of the next month, or whenever you choose, for instance after your bank statement arrives and you reconcile your cashed cheques.
PURPOSE - YEAR END
When doing the Year-End, follow the above procedure. The only difference is that when doing the purge, you will select "YEAR" rather than "MONTH". Please refer to 24556 Month End Purge.