End of Month Processes
These processes are necessary for the Accounts Payable System to complete the monthly accounting cycle and roll forward into the next monthly period. The Checklist should be followed carefully to prevent any important data from being lost, which can occur if steps are taken out of order.
Create End-of-Month Processing Flag:
Creates a flag so that any transaction attempted during the month-end process will get an Error Message. A system administrator level security code is required to continue.
End-of-Month Update:
Completes the monthly update for the A/R System. It should only be done ONCE per month and be done after all other processes are completed and reviewed and ANY ERRORS ARE CORRECTED. Once the update is done, any errors will be reflected in the financial statements and corrections will show in the next month's reports.