General Ledger Month-End Processing
Confirm the Processing Date is set for the month you are closing.
Month-end date: __________________________
Transaction cut-off date: ____________________
Responsible person: _______________________
Date reconciled: __________________________
General Ledger processing dates for the current month will not change until the reporting package for the current month is completed. Processing dates for the other modules can be changed for the next period and will still update to the next G/L period.
Confirm all modules have been closed out for the month.
- – Print the Unposted Transaction Report to ensure all G/L transactions in each module have been posted.
- – Print a G/L Trial Balance Summary. Confirm the total G/L debits equal total G/L credits.
- – Confirm there are not exceptions. Contact Spectrum Support if any are found.
- Complete G/L entries for the current month:
- Recurring entries
- Journal entries
- Reversing entries. Reverse the prior month's Contract Loss Reserve before balancing the Contract Schedule. Reverse prior month over/under billings entries after the Contract Schedule is balanced to the G/L.
Financial Statement Printing:
- – Print financial statements that correlate to the Reporting Package and internal financial statements. Ensure that they balance and check for any large or unusual variances.
Additional Year End Steps
- After all transactions are complete, you will need to perform the Period End/Open Forward Balance Update. This process may be run as many times as necessary when additional transactions are posted to the prior fiscal year.
- Additionally, if the new fiscal year has not yet been created, you may need to go to to add additional fiscal years.
Change Processing Dates
- – Change the processing dates to reflect the new period.