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Period Closing Process [message #211860]

Tue, 02 January 2007 13:18

Arjunn
Messages: 64
Registered: December 2006
Location: Hyderabad/Gurgaon

Member

Hi Frenz,

Can any one explain wht is period closing process.
wht r the steps Involved.
In which modules v hav to close the period

Regards,
Arjun.

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Re: Period Closing Process [message #211918 is a reply to message #211860]

Wed, 03 January 2007 01:45

vin_odks
Messages: 153
Registered: July 2006
Location: -

Senior Member

Hi,

Period closing process:

It is the process which involve closing the sub-ledger (AP,AR)periods and then the ledger periods (GL).

During the Subledger period closing ,all the transactions are balanced and transferred to Ledger for the period.

This also means that no more transactions can be created or posted for the closed periods. In short closing the business activites for the particular period !!!

Regards,
Vinod

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Re: Period Closing Process [message #212072 is a reply to message #211918]

Wed, 03 January 2007 12:38

Arjunn
Messages: 64
Registered: December 2006
Location: Hyderabad/Gurgaon

Member

Hi Vinod,

Tanx for ur reply.

can u plz clear..
We hav to do reconciliation or not before closing the period.
Before closing the period v hav to go for sweep, wht does it mean?

Regards,
Arjun.

[Updated on: Wed, 03 January 2007 23:34]

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Re: Period Closing Process [message #212145 is a reply to message #211860]

Thu, 04 January 2007 00:34

vin_odks
Messages: 153
Registered: July 2006
Location: -

Senior Member

We do the reconciliation before closing the period.

Basically reconcililation process in AP is as follows

2) Run the Transfer to General ledger for the GL Period

3) Post AP journal entries

4) Run the AP Trial balance and GL trial balance for the AP transaction accounts.

The respective total of Debits and credits should be balanced.
This is reconciliation
5) Open the next period

6) Close current period and sweep the open transactions to the next period

Sweep :
This process is used to move the unposted AP transactions to another period.
It is initated when payables accounting period is getting closed.

Regards
Vinod

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Re: Period Closing Process [message #212627 is a reply to message #212145]

Sat, 06 January 2007 14:07

Arjunn
Messages: 64
Registered: December 2006
Location: Hyderabad/Gurgaon

Member

Hi Vinod,

Tanx for ur detailed explaination

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