Use the following information to complete monthly closing procedures for .

Note Note

All procedures are not mandatory, and you might not be able to complete a procedure, depending on the options that are selected in the form and in the form.

  1. Verify that all journal vouchers for the month are posted.

  2. Update the company currency value of balances and transactions in foreign currencies in ledger accounts with current exchange rates in the form.

  3. Settle transactions for each ledger account with transactions from the same or other ledger accounts in the form.

  4. Journalize transactions monthly in the form and view the report to verify the information.

  5. Consolidate and verify the changes in the form.

  6. Print the , , , and required reconciliation reports.

  7. In the form, select or in the field to prevent posting transactions in the closed month. You can open a stopped period, but not a closed period.

Note Note

You also can complete the following procedures, and might legally be required to do so.

  1. Click > > > to calculate the sales tax that is due for a specific period.

  2. If you are required to generate and report information about trade between European Union (EU) countries/regions, click > > > .

  3. If you are required to report EU sales for VAT declaration purposes, click > > > .

See Also