Close Periods

AWERY ERP helps manage accounting period closures using the Close Periods menu. This can be managed to meet the local company processes by closing every month end or end of the financial year.

1. Create New Close Period

   • Navigate to Close periods menu and select +New Close Period to create a new period (month end or financial year end)
     

2. Enter Master Data for Close Period: 

   • Fill in the close period Date (For example 31-12-20X5), Company Name and any notes as required.

   • Select Update to save the Close Period

   • This period will now appear on the list of periods pending closure/or closed.
     

3. Close Period Process (click button where applicable):

a. Check all Jobs for the period are posted to proceed. If unposted jobs are remaining, “Not all posted” will be displayed for rectification.

b. Create dep. fixed assets - create fixed asset depreciation in line with asset setup

c. Create dep. PP - create Prepayment amortisation in line with prepayment setup

d. Create currency difference - create foreign exchange revaluation jobs for transactions posted in non reporting currency at various exchange rates

e. Create Closing to P&L accounts (financial year end only) - close all Profit and loss accounts and post to P&L account.

f. Create P&L accounts to Net Profit (financial year end only) - transfer balance from P&L account to Net profit.

g. Create Net Profit to retained earnings (financial year end only) - transfer balance from Net Profit to Retained earnings account in Balance Sheet

Creating Close Period Job (Manual Job)

AWERY ERP allows the creation of Close Period Jobs to separately classify period end and similar automated jobs separately. 

💡Close Period Jobs are used for automated retained earnings transfers, currency difference, fixed asset depreciation, prepayment amortisation. The separate classification allows easy identification of these jobs, unlike usage of Journal Vouchers.

4. Create a Close Period Job

   • Navigate to Jobs List and select +New Job creation

5. Select Job Type: Close Period and enter Details:

   • Fill in the necessary fields for the New Close Period Job, including the Job Subtype, Office, Team, Status, Document number, Reference, Tax, Station, Currency, Rate, Description, and any other required information.

6. Add Details to Transaction line:

   • Enter the details for the account you want to create the Close Period Job for, similar to posting a Journal Voucher:

     • DR/CR Account

     • Enter the Amount for the Transaction.

     • Provide a brief description of the entry (e.g., "Currency Difference for Sep 20X5").

💡 When posting Close Period job against banks the posting does not affect the bank reconciliation. This supports the posting of exchange difference jobs in banks using close period jobs.

🚨 Remember to review the accounting entries before posting to ensure accurate financial reporting. If you have any questions or need assistance, reach out to your local accountant or system administrator to ensure the correct process is followed.