The month end close applies all of the transactions for the month to their respective accounts. This process affects the balances on the G/L Account Master table, budget amounts, variance percentages, and future projections. Specific functions must be completed in the General Ledger module before you can perform the month end close. The following is a task flow of events to perform in order to generate a month end close:
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Generate the necessary monthly adjustments |
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Edit and post transactions created by generating monthly adjustments |
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Post remaining transactions to be included in month end close |
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Select the transactions for month end close |
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Print the Month End Close report and Variance report |
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Run the Trial Balance report |
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Set up Balance Sheet and Income Statement reports |
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