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
- Make sure all vendor bills are recorded in the system
- Review AP aging for any unapplied credits
- Reconcile to any vendor statements received
- 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.