Update

Confirm all modules have been closed out for the month.

• General Ledger > Reports > Unposted Transactions – Print the Unposted Transaction Report to ensure all G/L transactions in each module have been posted.
• General Ledger > Reports > Trial Balance – Print a G/L Trial Balance Summary. Confirm the total G/L debits equal total G/L credits.
• General Ledger > Period End > G/L Balance Audit Report – 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:

• Reports > Print Financial Reports – 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 Period End > Fiscal Calendar Maintenance to add additional fiscal years.

Change Processing Dates

• System Administration > Installation > Processing Date Change – Change the processing dates to reflect the new period.