Accounting Periods are used to ‘close off’ financial transactions to gain a picture of the overall financial status of the company at the end of any given period.
Accounting Periods are utilised in the following areas of the system:
- Bank Reconciliation
- Profit Reporting / End of Period Reports
- User warning when entering invoices in a previous period
Please Note: Transactions can still be back-dated. This can be stopped if the site chooses to do so. in the Company Details screen.
Start New Period
Please Note: At the end of a year, once the new period is started, the system automatically creates the new year.
End of Period Process
Below is the recommended process for ending a period in Expedient.
Check for All Postings
- Post where applicable
- Post General Ledger – All Months
If no transactions for new period have been posted, and not using the Batch Print Statement Process, then
- Print Statements
- Start New Period
If there have been transactions posted in the new period and a new period has already been started, then
- Prepare Debtors
- Print Statements
Please Note: Any time users wish to print a Debtors Aged Trial Balance, Creditors Aged Trial Balance or End of Period WIP at the end of any Period, use the appropriate Prepare options in the End of Period Reports folder first