26 February 2007

Weekly Dynamic: Partial Month End Module Closing

At month end we tend to close module categories as they are finished. Done with AP? Check the Purchasing box and close the whole module. Every once in a while we get burned though. We balance the bank accounts but leave the whole Financial module open so that we can finish up JE's. Then someone posts a bank transaction into the month we're trying to close. Now the completed bank rec doesn't match the GL any more.
Well, you can get fine grain control of closing periods. Simply go to Tools->Setup->Company->Fiscal Periods, just as you always would, and then pick Mass Close. (I know, dumb name if you're using it this way.)
Limit the selections to the Series and Periods you want (Financial, Period 2 for example). Here you can check the boxes to close Bank Transactions, Bank Deposits and Bank Transfers, thus preventing them from posting while leaving GL, Clearing and Quick entries open for final adjusting entries. This works with all the modules (close PO's but leave AP open for example) to give you better control over the close.
A couple of observations:
1) If modules are partially closed at month end, the checkbox for the full module remains unchecked (i.e.: if you close Bank Trx, the main Financial box is still unchecked)
2) The main month end close boxes override the ones checked via Mass Close. So if you close Bank Trx, later close the Financial Module and then reopen the Financial Module for a last minute transaction, you've also reopened the ability to post Bank Transactions for that period.