Managing a financial close in BindHQ

Follow these instructions on how to close an open posting period in BindHQ

Applies to:

  • Accounting
  • Administrator
Last Updated: January 2021

This article explains how entities using BindHQ can perform a financial closing

The month-end close process varies greatly from business to business:

  • Often required tasks are specific to an individual entity
  • Knowledge of these tasks resides with key employees.
  • Processes are typically not documented, making it difficult to organize the month-end close between different members of an accounting team.

The below is a suggested path based on BindHQ's functionality with links to specific help videos and articles. 


Cash & Cash equivalents


Accounts Receivable 


Accounts Payable 

  • Make sure all vendor bills are recorded in the system

Reporting

  • Generate final financial statements for the month

Closing a period

  • In order to close a period ensure you have the proper rights to do so and go to Accounting->GL Account Admin->Browse, View, and Edit Posting Periods.
  • The following screen will enable you to identify the period/month of interest, click it to view monthly periods and if required mark it as closed.
  • An entire year may be marked as closed by clicking on 'Edit' on the yearly period and marking it as closed. 


  • Accounting managers and administrators can reopen periods if required in the future.