Account Period Closing

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Account Period

Closing

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Account Period Closing 2 2101 4th_Ave#_{1800; Seattle WA 98121}_|_{1-800-372-2742}

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Account period closing will give you a number of options to control the ability to post transactions to past dates. You will have the option to restrict changes that can impact any accounting entries posted prior to the closed date(s), thereby keeping changes from being made that can then change accounting balances prior to the closed date.

Setup

ACCOUNTING> SETUP> GENERAL ACCOUNTING SETUP

You will notice a new section called Close of Accounting Period. This is where you will set parameters that determine when transactions will be closed each month.

Only Accounting Managers and Agency Administrators have access to the

Accounting Setup screen. Dates can be changed by the Accounting Manager at any time to reopen a prior period.

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Specified

Close Dates

In this section you will find 3 close dates for different areas where accounting transactions may take place.

 Accounting: Specified close date for Accounting. Blocks all transactions for everyone, that can impact accounting balances on or prior to the chosen date.

 Reservations: Close date for Reservations. Blocks all reservation transactions on or prior to the specified date that affect accounting balances.

 Service Orders: Specified close date for Service Orders. Blocks all transactions (Service Order Costs) on or prior to the specified date that affect accounting balances.

If no date(s) are chosen, then no close date applies to that particular area.

***Note: The Close Accounting Period dates must be in the past or you will receive the below error when attempting to save.

Close Dates can be used in conjunction with, or independently of, Rolling Closes which are covered in the next section.

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Rolling Closes

Rolling Closes are used to create a specific window of time in the past for non-accounting users to add and/or change transactions. If changes need to be made that are outside of the established window, the changes need to go through the Accountant.

 Transaction Open for ? days: The number of days users from each group will be allowed to post transactions relative to “today’s date.” (Example:

Reservation Payments / Refunds is set to 2. If today is March 3rd_{and a}

Reservation Payment or Refund was posted March 1st_{, the transaction cannot}

be edited. But, if today were March 2nd_{, it could be edited.)}

o Reservation Payments/Refunds: Posting of Payments and Refunds is open for the number of days shown. (Example: No entry (blank) means that all past dates and future dates are open. An entry of 0 means that new transactions can be entered but not edited on the current date. 1 means that transactions are open for one day, the current date – new transactions can be added and edited on the current date.)

o Reservation Charges /Credits: Posting of Charges and Credits is open for the number of days shown. (Example: No entry (blank) means that all past dates and future dates are open. An entry of 0 means that new transactions can be entered but not edited on the current date. 1 means that transactions are open for one day, the current date – new

transactions can be added and edited on the current date.)

o Service Orders: Posting of Service Order Costs is open for the specified number of days. (Example: No entry (blank) means that all past dates and future dates are open. An entry of 0 means that new transactions can be entered but not edited on the current date. 1 means that

transactions are open for one day, the current date – new transactions can be added and edited on the current date.)

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Rolling Closes can be used in conjunction with or independently of Specified Close Dates.

Auto Close

Allows you to designate which day of the month transactions from the prior month are closed. (Examples below.)

 Accounting: Auto Close ? Months in arrears on this day of month: Changes impacting accounting transactions cannot be posted after the specified day of the month.

 Reservation / Service Order: Auto close Prior month on this day of month: The prior month is closed automatically for Reservation and Service Order

transactions on the specified day of the month (DOM). (Example: If the DOM is set to 20, January will be closed on February 20th_.)

When there are multiple restrictions (ex. Rolling reservations, then Reservations Close date, then Accounting Close Date) the most restrictive date applies.

***Note: Users with Accounting Roles (Accountant or Accounting Manager) are restricted only by the Accounting Close Date. Users with these roles cannot make changes on transactions posted prior to Accounting Close Date, but are not restricted by Rolling Closes or Reservation and Service Order Closes.

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Scenarios and Sample Errors

Below are some examples of errors you may encounter if you enter transactions that violate the date constraints set up in the Closing Account Period section discussed above. You may also notice changes to certain UIs during the closed period.

Enter Bill

ACCOUNTING> ACCOUNTS PAYABLE> ENTER BILLS

If you attempt to enter a bill with a posting date that falls in the closed period, you will receive an error that looks like the below:

Folio Payments and Refunds

Attempting to enter a Folio payment or Refund with a posting date that falls in the closed period will result in errors similar to the below:

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Process Booking Revenue

ACCOUNTING> PROCESS BOOKING REVENUE

Processing booking revenue with a posting date that is in a closed period will result in the following error:

Receive Payment

ACCOUNTING> ACCOUNTS RECEIVABLE> RECEIVE PAYMENT

Attempting to receive a payment with a posting date that falls in the closed period will result in the below error.

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General Journal Entry

ACCOUNTING> JOURNAL DOCUMENTS> +NEW JOURNAL TRANSACTION Attempting to enter a General Journal Entry with a posting date that falls in the closed period will result in the following error:

ACCOUNTING> JOURNAL DOCUMENTS

You may view Journal Entries that have taken place during the closed period, however, you may not edit them. The options to Edit, Delete and Reverse will be grayed out.

The ACTION check box will also be grayed out for Journal Entries falling in closed dates. You will not be able to use ACTION> DELETE JOURNAL DOCUMENT(S) for transactions falling in the closed period.

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Service Orders

SERVICE> SERVICE ORDERS

If Service Order Costs are entered with a posting date that is in a closed period, you will receive the below error:

Processing Service Orders

ACCOUNTING> PROCESS SERVICE ORDERS

Processing service orders with a posting date in the closed period will result in an error similar to the following: