Account Period Closing

Size: px

Start display at page:

Download "Account Period Closing"

Carmella Isabel Armstrong
8 years ago
Views:

1 Account Period Closing

2 Account period closing will give you a number of options to control the ability to post transactions to past dates. You will have the option to restrict changes that can impact any accounting entries posted prior to the closed date(s), thereby keeping changes from being made that can then change accounting balances prior to the closed date. Setup ACCOUNTING> SETUP> GENERAL ACCOUNTING SETUP You will notice a new section called Close of Accounting Period. This is where you will set parameters that determine when transactions will be closed each month. Only Accounting Managers and Agency Administrators have access to the Accounting Setup screen. Dates can be changed by the Accounting Manager at any time to reopen a prior period. Account Period Closing 2

accounting balances prior to the closed date. Setup ACCOUNTING> SETUP> GENERAL ACCOUNTING SETUP You will notice a new section called Close of Accounting Period.

Specified Close Dates In this section you will find 3 close dates for different areas where accounting transactions may take place. Accounting: Specified close date for Accounting.

3 Specified Close Dates In this section you will find 3 close dates for different areas where accounting transactions may take place. Accounting: Specified close date for Accounting. Blocks all transactions for everyone, that can impact accounting balances on or prior to the chosen date. Reservations: Close date for Reservations. Blocks all reservation transactions on or prior to the specified date that affect accounting balances. Service Orders: Specified close date for Service Orders. Blocks all transactions (Service Order Costs) on or prior to the specified date that affect accounting balances. If no date(s) are chosen, then no close date applies to that particular area. ***Note: The Close Accounting Period dates must be in the past or you will receive the below error when attempting to save. Close Dates can be used in conjunction with, or independently of, Rolling Closes which are covered in the next section. Account Period Closing 3

Blocks all reservation transactions on or prior to the specified date that affect accounting balances. Service Orders: Specified close date for Service Orders.

Rolling Closes Rolling Closes are used to create a specific window of time in the past for nonaccounting users to add and/or change transactions.

4 Rolling Closes Rolling Closes are used to create a specific window of time in the past for nonaccounting users to add and/or change transactions. If changes need to be made that are outside of the established window, the changes need to go through the Accountant. Transaction Open for? days: The number of days users from each group will be allowed to post transactions relative to today s date. (Example: Reservation Payments / Refunds is set to 2. If today is March 3 rd and a Reservation Payment or Refund was posted March 1 st, the transaction cannot be edited. But, if today were March 2 nd, it could be edited.) o o o Reservation Payments/Refunds: Posting of Payments and Refunds is open for the number of days shown. (Example: No entry (blank) means that all past dates and future dates are open. An entry of 0 means that new transactions can be entered but not edited on the current date. 1 means that transactions are open for one day, the current date new transactions can be added and edited on the current date.) Reservation Charges /Credits: Posting of Charges and Credits is open for the number of days shown. (Example: No entry (blank) means that all past dates and future dates are open. An entry of 0 means that new transactions can be entered but not edited on the current date. 1 means that transactions are open for one day, the current date new transactions can be added and edited on the current date.) Service Orders: Posting of Service Order Costs is open for the specified number of days. (Example: No entry (blank) means that all past dates and future dates are open. An entry of 0 means that new transactions can be entered but not edited on the current date. 1 means that transactions are open for one day, the current date new transactions can be added and edited on the current date.) Account Period Closing 4

days: The number of days users from each group will be allowed to post transactions relative to today s date. (Example: Reservation Payments / Refunds is set to 2.

5 Rolling Closes can be used in conjunction with or independently of Specified Close Dates. Auto Close Allows you to designate which day of the month transactions from the prior month are closed. (Examples below.) Accounting: Auto Close? Months in arrears on this day of month: Changes impacting accounting transactions cannot be posted after the specified day of the month. Reservation / Service Order: Auto close Prior month on this day of month: The prior month is closed automatically for Reservation and Service Order transactions on the specified day of the month (DOM). (Example: If the DOM is set to 20, January will be closed on February 20 th.) When there are multiple restrictions (ex. Rolling reservations, then Reservations Close date, then Accounting Close Date) the most restrictive date applies. ***Note: Users with Accounting Roles (Accountant or Accounting Manager) are restricted only by the Accounting Close Date. Users with these roles cannot make changes on transactions posted prior to Accounting Close Date, but are not restricted by Rolling Closes or Reservation and Service Order Closes. Account Period Closing 5

Reservation / Service Order: Auto close Prior month on this day of month: The prior month is closed automatically for Reservation and Service Order transactions on the specified day of the month

6 Scenarios and Sample Errors Below are some examples of errors you may encounter if you enter transactions that violate the date constraints set up in the Closing Account Period section discussed above. You may also notice changes to certain UIs during the closed period. Enter Bill ACCOUNTING> ACCOUNTS PAYABLE> ENTER BILLS If you attempt to enter a bill with a posting date that falls in the closed period, you will receive an error that looks like the below: Folio Payments and Refunds Attempting to enter a Folio payment or Refund with a posting date that falls in the closed period will result in errors similar to the below: Account Period Closing 6

Enter Bill ACCOUNTING> ACCOUNTS PAYABLE> ENTER BILLS If you attempt to enter a bill with a posting date that falls in the closed period, you will receive an error

7 Process Booking Revenue ACCOUNTING> PROCESS BOOKING REVENUE Processing booking revenue with a posting date that is in a closed period will result in the following error: Receive Payment ACCOUNTING> ACCOUNTS RECEIVABLE> RECEIVE PAYMENT Attempting to receive a payment with a posting date that falls in the closed period will result in the below error. Account Period Closing 7

ACCOUNTING> ACCOUNTS RECEIVABLE> RECEIVE PAYMENT Attempting to receive a payment with a

General Journal Entry ACCOUNTING> JOURNAL DOCUMENTS> +NEW JOURNAL TRANSACTION Attempting to enter a General Journal Entry with a posting date that falls in the closed period will result in the

8 General Journal Entry ACCOUNTING> JOURNAL DOCUMENTS> +NEW JOURNAL TRANSACTION Attempting to enter a General Journal Entry with a posting date that falls in the closed period will result in the following error: ACCOUNTING> JOURNAL DOCUMENTS You may view Journal Entries that have taken place during the closed period, however, you may not edit them. The options to Edit, Delete and Reverse will be grayed out. The ACTION check box will also be grayed out for Journal Entries falling in closed dates. You will not be able to use ACTION> DELETE JOURNAL DOCUMENT(S) for transactions falling in the closed period. Account Period Closing 8

period, however, you may not edit them. The options to Edit, Delete and Reverse will be grayed out.

9 Service Orders SERVICE> SERVICE ORDERS If Service Order Costs are entered with a posting date that is in a closed period, you will receive the below error: Processing Service Orders ACCOUNTING> PROCESS SERVICE ORDERS Processing service orders with a posting date in the closed period will result in an error similar to the following: Copyright 2012-Present HomeAway Software for Professionals. All rights reserved. Account Period Closing 9

Processing service orders with a posting date in the closed period will result in an error similar to the

Copyright 2013 wolfssl Inc. All rights reserved. 2

- - Copyright 2013 wolfssl Inc. All rights reserved. 2 Copyright 2013 wolfssl Inc. All rights reserved. 2 Copyright 2013 wolfssl Inc. All rights reserved. 3 Copyright 2013 wolfssl Inc. All rights reserved.