Managing a financial close in BindHQ

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

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

• Post all applicable cash receipts for the given month
• Perform any required bank reconciliations

Accounts Receivable 

• Review accounts receivable aging for any unapplied credits

Accounts Payable 

• Make sure all vendor bills are recorded in the system

• Generate and review AP aging for non-standard terms

• Review AP aging for any unapplied credits
• Reconcile to any vendor statements received

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.