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Close End of Day

The Close End of Day (EOD) process performs routine system maintenance and allows the user to run specific functions and generate specific reports as a batch process.

Close End Of Month (EOM) is a procedure just like End Of Day, except for two important differences:

End Of Month advances the accounting period to the next accounting period.
When End of Month is run in period 12 the EOM advances to period 1 of the next year and nets out all income and expense accounts to Retained Earnings as part of the year end close process.

All transactions (sales orders, invoices, purchases, checks, cash applications, work orders, and inventory transactions etc.) occur in the current period; only journal entries, miscellaneous cash receipts, and miscellaneous cash disbursements can occur in different accounting periods

The system does not force a month to close, nor does it have set closing dates and times.

The system allows the user to choose the correct End Of Month close time and date. This means that a sale for an order invoiced on 07/10/11 is posted in period 7 if the current accounting period is in period 7 on 07/10/11 but in period 8 if the current accounting period is period 8.

Available Actions

Using

Close End of Day Fields

Closing Date

The date to run the Close End of Day process. Automatically defaults to today's date.

Security Required : System - End of Day