Period Close Overview for GL, AP, AR, PO

Period Close Overview

eFinancials/ePO allow you to perform a soft close or a hard close for End of Period for GL, AP, AR and PO (in ePO).

In brief, a hard close performs processing that closes a period. The soft close process rolls the current period to the next period and then entries are allowed to the periods now considered “soft closed." Later, a hard close is performed when there is confidence that entries are final.

General Process

For both a hard close and soft close, the Period Close process:

Allows the creation of recurring items:

Recurring Journal Entries (GL only)

Recurring Purchase Orders and Recurring Invoices (AP only)

Recurring POs (ePO only)

Updates Periods

The new period is listed and available for posting after the close.

Hard Close

These steps are specific to the hard close process:

Processes the earliest period that was not closed and also displays the current period.
If an earlier period than the current period is being closed, the next period value for the Entity or PropertyCompany is not updated.
Validates that AP and AR prior periods are closed if processing GL.

Soft Close Process

These steps are specific to the soft close process:

Processes for the current period and moves the current period to the next period for the Entity or PropertyCompany and leaves the previous Current Period open for posting. The soft close process does not require all batches to be approved.
Validates that transactions are all approved up to and including the current period.
Skips the validation that AP and AR prior periods are closed if processing GL.

Note

For a soft close the system advances the current period, except for the last period if processing GL.

When processing the last period for GL, when the Current Period is = P12, users must perform a year end close to advance the system to the next period, as this creates the beginning balances for the next year balance sheet accounts.

Period Close tabs:

Accounts Receivable Introduction