End of Month Processing
This module is used to close an accounting period in the system General Ledger and to move Balance Sheet account balances over to the next period. It does not need to be done promptly at the end of every month. In fact, you can leave a period open for 12 months, though RollMaster recommends closing a period within three to four months. If you do not close a period before you enter that period for the next year, you will mix prior year and current year information together. Once you close a period, you cannot reopen it or post any values. The data can continue to be viewed from the Account Detail programs.
Before you close a period, you must be in balance or the system will not allow you to close. You should also run all reports and financial statements for the period. The system is set to handle 13 periods, but you do not need to close the 13th period—the system will do that during end of year processing. When you enter this module, the screen will appear as follows:
The current open period you are about to close will display in the Current Period (1) field—this is a display-only field. The system forces you to click the box in the “You are about to close the current period…” (2) prompt, forcing you to think twice about whether you are ready to close the period. If you are ready to close the Current Period, click in that box and then click the Run button.
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