Month End Close

We currently close PO, AP, IC in this order on the first business day of every month. Our Finance department is looking to keep the period open for an additional 3 days to capture invoices.

Can we still close PO and IC on the first business day or will it need to be closed at the same time as Finance? I am not sure how this will effect reporting, RNI, etc...

How are other instuitions doing this?

any feed back would be greatly appriciated.

Thank you

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Comments

Legacy Contributor

We close PO, AP and IC on day one every month. If you have closing controls on and AP wants to post in the previous period go to GL01.2 (GL01 AP) and extend the date back to the previous month. It will allow AP to post invoices. We do this at year end only for direct entry invoices only.

I believe there is some impact if we would close all three and post matched invoices to the previous period but the details were worked out before I started and I don't remember exactly what happens. I would hope most, if not all, invoices are received and dated after the receipt is entered but...

I would think it would be best practice to close all three modules at the same time but I guess it depends on the organizaton.

Legacy Contributor

We close everything on first day of month. The RNI (PO135) calculation will take care of accruing for any PO invoices that have receipts in system. Then I wrote a report for them (available on our LBI) that looks for any non-PO invoice that was processed in the first several days of the next month that had an invoice date from the prior month. They make their decision from that as to whether they want to do an accrual for these invoices.

0912140849182145.pdf

jon-athey

We close PO, AP then IC on the last day of the month. If you keep AP open and enter PO match invoices you will have double postings in that month (AP and PO accrual). The PO accrual will of course clear out in the next month. I would only enter non-matching invoices during the extra days open. Also I would recommend running AP175 just prior to the IC close so that invoice cost adjustments will post to inventory.

Legacy Contributor

This is Ellen again, I forgot to mention that we have most of our closing jobs scheduled (in order) to process overnight - first the posting jobs, then PO135, posting jobs again, then the AP closing jobs, including AP195. In the morning I check to make sure all of AP closed (which 9 out of 10 times they do). This way AP can get here on morning of 1st and not have to worry about entering and having the double postings that Jon refers to in his message. This is how we got around that issue.

Legacy Contributor

We close: AP, PO, IC. AP closes the last weekday of the month and PO/IC close the last calendar day of the month. AP cannot process invoices between their close and ours and as described by others above, closing AP AFTER IC will create duplicate GL entries.

Procurement closes after business hours. At 6pm on weekdays, at 3pm on weekends - after the docks close, basically. Any stock issued out after that is posted to the following period.

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