This article provides a concise guide on how to close an accounting period within your Trust or Client Account. Closing an accounting period is a critical task that ensures your financial records are accurate, up-to-date, and ready for audit. We'll walk you through the process step by step, ensuring you can confidently secure your financial data at the end of each accounting period.
When to Perform a Close of Period
It's recommended to perform a close of the period monthly, under the following conditions:
- All bank statement transactions for the month have been imported and reconciled.
- Any end-of-month disbursements have been processed, particularly if you've enabled Periodic Statements in your Trust Account settings.
How to Initiate the Close of Period
To begin the Close of Period process:
- Navigate to the Trust Account home screen.
- Click the Close Period button located at the bottom of the page.
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Starting the Close of Period Wizard
Once you've launched the Close of Period function:
- Verify that the correct month is selected.
- Confirm the period covered is accurate.
- Click Start Close of Period Wizard.
Note that the "Close of Period Scheduled for" will display today's date and cannot be modified. If you've missed a previous close, you may need to reset the month.
Completing the Close of Period Checklist
Follow the steps in the wizard:
- Tick off each item on the Close of Period checklist.
- Select Save and continue.
- On the next screen, choose to either Complete Close of Period or Cancel Close of Period if necessary.
You will receive a notification that the reports are being prepared, which may take some time. Once ready, the reports will be emailed to you.
Accessing Close of Period Reports
After completion, you can access the most recent Close of Period:
- From the Trust Account home page, click on the grey tile or the Close of Period History tab.
- Under Close of Period History, find the relevant reports for each period.
- Download the reports as a zip file for your records.
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By following these steps, you can ensure that your Trust Account is accurately closed for the period, and all necessary reports are generated for audit purposes.
See these related articles for further assistance:
- Article 1
- Article 2
- Article 3