Month-End Routines

Review Inventory to GL Report

Review GF1003 Inventory to GL Reconciliation (As Of Date) to ensure:

• You have invoiced all posted Whse Shipments.

• You have invoiced all posted Whse Receipts if Vendor Invoices are received.

• You have finished all Work Orders that have complete output and consumption, and all outside service Purchase Invoices are posted.

• The Invoiced Cost total on the Inventory to GL Reconciliation matches the Inventory Accounts.

• Post additional accrual GL Entries to Inventory Manual GL Accounts so that the total inventory valuation will be reflected on the GL.

• The following three routines could be helpful in analyzing end-of-month inventory discrepancies:

  • Inventory Quantity Resync

  • Inventory Zero Out Costs Routine

  • Inventory Analysis

Review AR Aging Report

Review Customer AR Aging Report to ensure:

• You have posted all customer invoices and payments

• Invoices and payments are properly applied.

• The AR Aging Report's total matches the Accounting Receivable GL Account.

Review AP Aging Report

Review Vendor AP Aging Report to ensure:

• You have posted all vendor invoices and payments

• Invoices and payments are properly applied.

• The AP Aging Report's total matches the Accounting Payable GL Account.

Run Adjust Cost Batch Routine

The Adjust Cost Batch Routine maintains accurate costing information in GoldFinch. The rules for costing vary depending on the Costing Method selected for each Item.

Ensure that the Adjust Cost Batch Routine has run successfully before proceeding with the other month-end routines. If not, you will need to run the routine manually.

Read the Daily Adjust Cost Routine  for more information.

Update Allowed Posting Date Ranges

To simplify Month-End routines, GoldFinch allows you to “soft close” a month. You just need to adjust Allow Posting From and Allow Posting To dates in the Company Setup and User Setup at the end of the month to prevent users from posting in the wrong month. You can run the following reports as of any historical date to assist with Month-End closing:

• Accounts Receivable

• Accounts Payable

• Inventory Valuation

• Financial Statements

If you still prefer “hard close,” you can change the Status of the historical Accounting Periods to “Closed” to prevent any new GL Entries from being posted into those periods.

Company Setup

Update the Allow Posting From and Allow Posting To dates in the Company Setup. Allow Posting From should be the first date of the current open accounting period. 

This company-wide setting will not allow users to post transactions with a posting date outside this date range, and all new cost adjustment entries for the closed periods will be posted using the Allow Posting From date to ensure the financial statements for the closed periods are not changed.

User Setup

There are times when some accounting users may need the ability to post entries outside the date range specified in the Company Setup.  For these situations, individual user date range settings can be specified which will override the setting in the Company Setup.