The specific process for closing and changing an accounting period is unique to every company.
There is a video at the bottom of the page for your convenience. Fields with an asterisk (*) are required.
In ResMan, these processes are defined as follows:
Change Current Period: This moves the current accounting period from the previous month into a new month. Typically, the accounting department has rights to make "prior period" changes or back date entries. Therefore, even though the month "changed" entries and edits can occur if the user has proper permissions.
Close Period: When you close a period, the period is basically locked down and you cannot make entries or edit entries in that period. This includes administrator or accounting users. It is recommended to "close" a period once all entries and the bank reconciliation have been completed. A "Closed" Period can always be reopened if entries are missed by a user with the applicable permissions.
ResMan runs an analysis as a preliminary step before closing a period. This will flag any problems that need to be corrected. If you do not run the analysis on a periodic basis, you risk compromising your accounting data. These analysis settings can be modified under Admin > Settings > Close/Change Period.
Place a check mark next to each item that ResMan should require to be passed before the period can be closed. Please refer to the image below for details:
It is required you check for "Undeposited payments or deposits". The remaining choices are optional but we strongly recommend that you choose all for both Change and Close Period Requirements.
The same process is applicable to the Change Period settings.
After the settings are saved, to actually Change/Close a Period go to Accounting > Periods. Once there, run the analysis as a preliminary step before closing a period. This report will look something like the image below:
A green check means the period is ready to be changed. The yellow caution sign means there are items you may want to review, but were not set as required items to review in the settings. A red "X" means there are items you need to address before you can change or close your period.
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