Overview
Review source transactions, reconcile balances, and complete an accounting period close.
Before you begin
Use an authorized accounting-manager/admin account for period governance. Agree the closing date and posting scope. Confirm financial-report layouts, retained-earnings setup, and the subsidiary being closed.
Main task
- Review drafts, pending approvals, rejected transactions, and integrations with errors. Complete or deliberately defer unresolved items before judging posted balances.
- Reconcile bank activity against statements and review AP/AR balances, unapplied credits, advances, and source applications.
- Review posted GL and Trial Balance for the intended period. Drill into unusual account movements, source references, and dimensions.
- Inspect inventory/FIFO, prepaid and asset-related postings, foreign-currency balances, and deferred-revenue reconciliation where used.
- Preview currency revaluation and review proposed entries before creating the linked JV. Complete eligible recognition plans in an allowed period.
- Prepare and approve required journals, then review Profit & Loss and Balance Sheet with the correct currency and year/adjustment settings.
- Complete the accounting-period checklist and use authorized lock/close controls. Review retained-earnings/year-close behavior before its separate close action.
- Confirm period status and retain reviewed report exports and supporting notes. Reopening requires its authorized controlled action.
Check the result
Period controls govern what can be posted and changed. A P&L year-close/retained-earnings action is not interchangeable with every accounting-period lock. Reports must agree on subsidiary, currency, date, and adjustment scope before totals are compared.
If something goes wrong
Investigate a difference through underlying posted entries and source balances rather than forcing a balancing journal. A closed-period error can require an authorized open posting date, reopening, or a supported copy into an open period; availability depends on the module. Allow non-GL changes does not grant permission to change financial impact.
Review checklist
| Review | Evidence |
|---|---|
| Transactions and approvals | Outstanding queue and rejected-document resolution |
| Bank | Completed statement reconciliation and investigated differences |
| AP/AR | Aging, unapplied credits, advances, and payment applications |
| Inventory and deferrals | Layer/valuation reports and explained deferred balances |
| GL and financial reports | Trial Balance, source drilldowns, Profit & Loss, Balance Sheet |
| Close | Period checklist, locks, and authorized retained-earnings action |
Use the supported exports and record communication features for evidence. Report filters and posting dates must remain consistent across reviews.