All Billing and Revenue Posts should be posted and Invoices completed. Labor Cost and Expense Cost Posts should be posted. All Journal Entries should be reviewed and posted - Cost Pools should be posted, if desired, and the section closed (Close Cost Pool Post).
Invoicing & Posting Close
Once all invoices are Completed and AR is reconciled, it is time to close Billing & Revenue and Invoice.
- Browse to Financials > General Ledger > Fiscal Period Close and select the calendar icon of the Legal Entity for which you would like to close a period.
2. Select to close Billing & Revenue Post. Select Close Period.
3. Select to close Invoice. Select Close Period.
General Ledger Close
Enter any remaining Journal Entries, e.g. depreciation expense, prepaid amortization, accruals, etc. Ensure all period Journal entries are posted. Select Close Period.
Labor and Expense Close
Select to close Labor Cost Post and Expense Cost Post. Select Close Period.