How do I complete a month-end close?
This FAQ article will assist you in performing the steps necessary to close a Fiscal Period.
The steps outlined in this article must be performed for each NorthScope Company.
SUMMARY OF THE STEPS
Open the next Fiscal Period
On or before the first day of a new Fiscal Period, the Fiscal Period must be "opened" by navigating to the Fiscal Year Record View and unchecking the 'Closed' checkboxes for the appropriate GL Period row (see image 1). Transactions with any 'GL Date' can be entered and saved but only transactions with a 'GL Date' within an open Fiscal Period can be 'Approved' or 'Posted'. This can be done by navigating to Financial → Configuration → Fiscal Periods and selecting the appropriate Fiscal Year page.
Image 1
Ensure all transactions for the month you are closing are posted
This step ensures that all transactions for the Fiscal Period you are closing, are posted. Depending on which Functional Areas are licensed or used, this step may need to be done in the sequence show below. The list below contains all the NorthScope Functional Areas, but those not in use can be skipped. Some of the steps shown may not be required to close NorthScope but should be reviewed as a matter of good housekeeping.
Functional Area | Transactions | Navigate to | Comment |
|---|---|---|---|
Company | Transactions being imported into NorthScope. | Company → Integration → Inbound Integration | Search for transactions with errors. Stuck transactions for the period you are closing must be resolved before continuing. |
Transactions being exported to other systems. | Company → Integration → Outbound Integration | Search for transactions with errors. Stuck transactions for the period you are closing should be resolved before continuing. These may not impact your NorthScope close but could impact the destination system. | |
Fisherman Accounting | Fish Tickets | Fisherman Accounting → Fish Tickets | Find and post any open transactions that fall withing the Fiscal Period being closed. |
Fisherman Sales / Tender Resales | Fisherman Accounting → Fisherman Sales | Find and post any open transactions that fall withing the Fiscal Period being closed. | |
Fisherman Adjustments | Fisherman Accounting → Other Transactions | Find and post any open transactions that fall withing the Fiscal Period being closed. | |
Fisherman Balance Transfers | Find and post any open transactions that fall withing the Fiscal Period being closed. | ||
Fisherman Payment Receipts | Find and post any open transactions that fall withing the Fiscal Period being closed. | ||
Process Payments | Fisherman Accounting → Fisherman Balances → More Actions → Process Payments. Click in the Batch ID lookup. | Find and either post or void any open payment batches that fall withing the Fiscal Period being closed. | |
Apply Documents | Fisherman Accounting → Fisherman Balances → More Actions → Apply Documents. | This is only necessary for companies that manually apply fisherman transactions. | |
Fisherman Accounting → Fisherman Balances → Mass Update → FIFO Apply Fisherman Transactions | |||
Grower Accounting | Grower Tickets | Grower Accounting → Tickets | Find and post any open transactions that fall withing the Fiscal Period being closed. |
Load Management | Loads | Load Management → Loads | Ship any Loads that have physically shipped. This is necessary to post the Sales Orders. |
Sales Programs | Brokerage Programs | Sales Programs → Program Balances → Process Settlements For → Brokerage | Ensure that all the Brokerage Programs have been processed and that all the Batches have been posted. |
Rebate Programs | Sales Programs → Program Balances → Process Settlements For → Rebates | Ensure that all the Rebate Programs have been processed and that all the Batches have been posted. | |
Off Book Programs | Sales Programs → Program Balances → Process Settlements For → Off Book | Ensure that all the Off Book Programs have been processed and that all the Batches have been posted. | |
Purchasing | Invoices/Credit Memos | Purchasing → Invoices | Find and post any open transactions that fall withing the Fiscal Period being closed. |
Purchase Orders | Purchasing → Purchase Orders | Find and close any Purchase Orders that should be closed. This will not impact your month-end close but is a housekeeping step that should be done. | |
Process Payments | Purchasing → Vendor Balances → Build Payment Batch | Open the page and ensure there are no Batch IDs that should be Processed. | |
Purchasing → Vendor Balances → Process payments | Open the page and ensure there are no Batch IDs that should be Processed. | ||
Apply Documents | Purchasing → Vendor Balances → Apply Payables Documents | This step can be skipped if there are no totals in either the 'Unapplied Payments' or 'Unapplied Credits' columns of the Vendor Balances page. | |
Inventory | Transactions | Inventory → Transactions | Find and post any open Adjustment, Production, Receipt, Transfer, or Transfer Receipt transactions that fall withing the Fiscal Period being closed. |
Production Orders | Inventory → Production Orders | Find and close any Production Orders that should be closed. This will not impact your month-end close but is a housekeeping step that should be done. | |
Cycle Count | Inventory → Cycle Count | Find and post any open Cycle Counts that fall withing the Fiscal Period being closed. | |
Sales | Sales Orders, Price Adjustments, and Returns | Sales → Transactions → Sales Transactions | Find and post any open Sales Orders, Price Adjustments, or Returns that fall withing the Fiscal Period being closed. |
Quick Sales | Sales → Quick Sales | Find and post any open transactions that fall withing the Fiscal Period being closed. | |
Payment Receipts | Sales → Payment Receipts | Find and post any open transactions that fall withing the Fiscal Period being closed. | |
Apply Documents | This step can be skipped if there are no totals in either the 'Unapplied Receipts' or 'Unapplied Credits/Returns' columns of the Customer Balances page. | ||
Financial | Journal Entries | Financial → Journal Entries | Ensure all the manual, accrue & Reverse, and or imported journal entries that fall withing the Fiscal Period being closed have been entered and posted. |
Checkbook Transactions | Financial → Checkbook Transactions | Ensure all the Deposits, Checkbook Adjustments, and Checkbook Transfers that fall withing the Fiscal Period being closed have been entered and posted. | |
Checkbook Reconciliations | Financial → Checkbook Reconciliations | Ensure all the Checkbook Reconciliations that fall withing the Fiscal Period being closed have been entered and posted. | |
ACH Batches | Financial → Inquiries → ACH Batch Inquiry | Find and submit any ACH Batch files that have not been submitted to the bank. This will not impact your month-end close but is a housekeeping step that should be done. |