General Ledger End of Period Program Concepts

The End of Period menu contains programs that you should run at the end of each General Ledger period to close it correctly. General Ledger is always the last module to close.

The End-of-Period Update provides a false close-out and a true close-out. A false close-out can be run as many times as needed, and updates only ending balances for the current period, allowing you to run any financial reports for the period without having closed it. A false close gives you the information needed to complete the necessary journal entries for the current period; you can process the financials as needed. When the true close-out is run, the current period is closed. The ending balances are updated again and then rolled to the previous period. Current period journal entries are updated to the journal history file (if stored) and the period is incremented by one. If there are any bank transactions for your company that have been updated but not run through the register, FACTS displays a message that the Bank Transaction Register must be run. The true close-out cannot be run until all End-of-Period Updates have been run for all modules.

Use the Financial Reports (GLR810) program to print GL reports (such as balance sheets or profit and loss statements). They can be printed for any given period based on the financial reports the user has created. Reports are printed by report groups. You can enter up to 26 report groups, and a report may be printed for each group entered. A default option displays all valid report groups automatically. Templates that store "current period" (or similar values like "system date") resolve to the "current period at the time the report is run" rather than what the "current period" was at the time the template was created. For example: If you save a template for the Financial Reports and select "Current Period" for the Period field, when that template is selected to run again (either manually or via Job Stream) the period is determined using the current period in the Company Periods & Ending Dates F/M (GLF970).