GL Accounting Cycle

After setting up Set of Books:
1. Open an accounting period.
2. Enter manual journal entries, including:
• Standard journal entries.
• Foreign and dual currency journal entries.
• Statistical journal entries.
• Intercompany journal entries.
3. Import journals from subledgers.
4. Define recurring journal formulas for transactions that have a common format or that you enter frequently. You can use recurring journals to create three types of journal entries:
• Skeleton entries affect the same accounts each period, but have different posting amounts.
• Standard recurring journal entries use the same accounts and amounts each period.
• Formula entries use formulas to calculate journal amounts that vary from period to period.
5. Define MassAllocation formulas.
6. Generate recurring journal and MassAllocation journal batches based on formulas you defined.
7. Review unposted journal batches.
• To view and optionally change unposted journal batches online, use the Enter Journals window.
• To view unposted journal batch detail online, use the Journal Inquiry window.
• To print a report showing unposted batch detail, produce a Journals – General report (set the Posting Status parameter to unposted).
8. Edit unposted journals to change information about an unposted batch or its journal detail, including the batch period and the journal currency.
9. Post your journal batches manually or automatically.
10. Check for posting errors. General Ledger automatically produces a Posting Execution Report so you can check the results of your posting. This report notifies you of any errors.
11. Reverse journals. You can reverse a posted or unposted journal entry. Once you assign a reversing period to the journal, generate and post the reversing batch.
12. Revalue your foreign–denominated assets and liabilities to reflect exchange rate fluctuations at the end of each accounting period.
13. Translate your actual account balances to any foreign currency for reporting purposes.
14. Consolidate sets of books by defining and running a consolidation. You can consolidate sets of books that have different charts of accounts and calendars.
15. Produce financial reports and perform online inquiries to review current account balances.
• Review account balances online using the Account Inquiry window.
• Review posted journal details in the Posted Journals Report, as well as in the General Ledger and Account Analysis reports.
• You can also define an unlimited variety of custom reports using the Financial Statement Generator to review account balances in the format of your choice.
16. Enter journals to clear suspense account balances. Examine General Ledger and Account Analysis reports to identify the source of suspense account entries.
17. Close the current accounting period.
18. Open the next accounting period.