Periodic A/P closing

Once payments have been made, it is important to close the period you have processed.   When you perform this task, the system removes all completed  activity.  This allows the accounting staff to more efficiently review the open invoices.

To perform the closing, select the option Period Close from the Tools menu. The system will first  ask for the billing cycle, and then the closing date.  It will only  process transactions with a date on, or before, the one you enter.

Be sure you match the payment cycle, and date, you used when writing checks.  The system will then proceed to process all accounts, update their balances and aging, and clear completed transactions to  history.  No further action is required on the operators part.

Remember, a closing only works on the payment cycle specified.  It  is important to run a closing on each payment cycle.