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Pro Gold i2 Online User Manual

 

Appendix I - Instructions for Closing Financial Periods

  • Verify all Batch Posting Areas
    1. Ensure no transactions for the period being closed are present in Bank Batch Posting Icon
    2. Note 1:  Verify all Bank accounts!
    3. Ensure no transactions for the period being closed are present in A/P Batch Posting Icon
    4. Ensure no transactions for the period being closed are present in A/R Batch Posting Icon
    5. Note 2:  No G/L transactions can be posted to a period once it is closed
  • Verify both reports (Income Statement and Balance Sheet)
    1. Verify with accountant that all final entries have been made
  • Print an Income Statement
    1. Must print one prior to closing the last period of the financial year
    2. Once a period is closed, user cannot access any of the balances through the G/L in the Revenue and Expense accounts for the previous year (Zeroes out current balances; updates beginning balances)
  • Print a Balance Sheet
    1. Should print one prior to closing the last period of the financial year

    Navigation:  Pro Gold XP Main Menu=> Accounting Tab=> Financial Periods Icon

  • Begin Closing Process
    • Go to Accounting Tab
    • Click on Financial Periods Icon
    • Use Arrows to select appropriate Fiscal Year
    • Once appropriate period is selected, click on Close Period Icon
    • System is designed to close periods monthly
    • Select Close this Period Now to proceed to close the first month (or next open month)
    • System will identify the period and its start and end dates
    • Reselect the Close Period Icon and continue until last period of the fiscal year is selected
    • When the last period is selected the system will identify the last period’s start and end dates and prompt for entry of an Equity Account (e.g., Retained Earnings [3030]) to close Revenue and Expense to
    • Enter appropriate G/L account
    • System will prompt to close all accounts, select OK to continue
    • System will then prompt to “THIS  PROCESS  IS NOT REVERSEABLE!”, select Yes to continue
    • The system will bring up a warning screen identifying the fiscal year about to close and notifying all income and expense accounts will be archived and cleared; select Yes to continue
    • The close process query may take several minutes, do not interrupt it
    • Once the close process query terminates, the period is closed
    • Close the Financial Periods Icon
    • Click on Financial Periods Icon and select the period closed to verify closed status