Close Period (Account)

Fiscal periods may be “closed”, meaning that payments and cancel payments can no longer be entered for the closed period. By closing fiscal periods, it will be easier to balance Circulation reports to the general ledger.

This option allows you to close a fiscal period for account payment-related activity for a company/bill source combination. The Close Period option on the Fiscal Close - Sub menu allows you to close a fiscal period for subscriber activity (see Close Period (Subscriber)). Closing a period is optional, but it will prevent the back-dating of account payments across fiscal periods. It functions similarly to the Subscriber Fiscal Close option.

The Close Period option affects the following account payment-related options in Circulation:

• Batch Payments—When entering a batch of payments, if a payment is prior to the most recent fiscal close date, the following message will appear: “Enter date after fiscal period close of [date] for company [company ID] bill source [bill source ID]”.

• Lockbox Payments—A message will appear on the processing report if a payment has a date prior to the fiscal close date.

• Cancel Payments—If a cancel payment is entered with a date prior to the fiscal close date, they system will automatically change the date to one day after the fiscal close date.

• Account Billing—A warning will be displayed if an account billing is selected for a company/bill source combination that has not been closed for the period.

Other options on the Fiscal Close - Carr menu are standard Accounting and Reporting options that have been duplicated here for convenience.

Note: Suspended and unprocessed batches will prevent you from closing the fiscal period.

Once a period is closed, payments and cancel payments can no longer be entered for the period.

To close a fiscal period:

• Select Close Period from the Fiscal Close - Acct menu to display the Account Fiscal Close screen.

• Select Add and complete the following fields.

Field	Type	What to enter
COMPANY	setup	Enter the company ID.
BILL SOURCE	setup	Enter the bill source ID.
PREVIOUS DATE	display	The previous fiscal close date is displayed.
CLOSE DATE	date	Enter the fiscal period close date.

• Select Continue to close the fiscal period.