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Individual ITCs may supply slightly different instructions depending on the policies and procedures of the ITC. Therefore, these procedures are intended to be general guidelines only. |
Pre-Closing Procedures
The following pre-closing procedures can be completed any time prior to closing the fiscal year.
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- 5. Under Core>Fiscal Years, close the current fiscal period by clicking the Close icon.
- The Inventory FYE Report bundle will automatically generate when the posting period is closed and . The bundle will be emailed in a zipped format to the email addresses listed under Core>Configuration.
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In order for the report bundle to be emailed, please click here for configuration set up prior to closing the period. |
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Once Document Store has been released, the report bundle will no longer be emailed. Instead, when the period closes, the bundle will be sent to the Document Store automatically. |
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The reports in the bundle can then be viewed in the Inventory application. |
- Closing the year will update the life-to-date depreciation amounts for the current fiscal year being closed and also update the fiscal year closed field in Core>Configuration. If GAAP is enabled, the program will also update the beginning balances for the new fiscal year.
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If you do not close a period and open the next period, please keep in mind Beginning Balance and LTD depreciation figures in the new period will not be accurate until the prior period is closed. Any reports generated in the new period containing LTD depreciation or beginning balance figures will not be accurate until the prior period is closed. |
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