What is the Recommended Procedure for Closing General Ledger?
A – To Perform the Closing Procedure for General Ledger, please refer to the checklist below: Important These are only guidelines to follow before closing GL. Each company should develop, with the help of a certified consultant, their own procedures to follow before closing. • Release all information from linked applications to GL. • Post all batches for the period being closed. • Create a full and verified backup of the data files prior to closing. This backup is separate from the daily backups. • Verify that all users are out of the system. • Clear all flags from System Manager (SM). • Reindex all application files in SM. • Reindex all system files in SM. • Close period or year for each module in the following order: • PO, OE, AP, AR, IC, JC, PR and GL. • Payroll should be closed at the end of every quarter. • GL should always be closed last. • Print the following reports from GL: • General Journal – period to date detail • Trial Balance – Total Company • Balance Sheet – Total Compan
