Period End is a fairly simple procedure in the ledgers, outlined below.
Running the period end will close the previous period but if you do need to post something into an earlier period it can be opened again temporarily. You can post into a previous period from any of the ledgers, as long as they are within the current nominal year or beyond. Once the nominal ledger year end has been run you can still post nominal journals into a previous year.
Sales Ledger
The period end can be run once you have posted all Invoices and Receipts for the period.
You may want to print an Aged Balance
You may want to print Statements
Select Period End from the menu
Highlight Sales Ledger
F5 Run Period End
Purchase Ledger
Purchase Ledger can be left open for a couple of weeks for late invoices but Month-end should be run once all invoices/payments have been completed.
You may want to print an Aged Balance
Select Period End from the menu
Highlight Purchase Ledger
F5 Run Period End
Cash Book
Once all receipts and payments have been posted and the Bank reconciliations completed for the period.
Select Period End from the menu
Highlight Cash Book
F5 Run Period End
Nominal Ledger – Once all the above month-ends have been run you are then allowed to run the Nominal Period end.
Select Period End from the menu
Highlight Nominal Ledger
F5 Run Period End