Month End Close

It is helpful to think of the Month End Close as series of steps. There is no single “Month End Close” for the various Keystone modules. A typical closing process with respect to a Keystone module would include the following steps:

1. Complete all transactions for the module.
2. Set Period to “Unopened” in Setup Periods (all modules)
3. Run Month End Processing (AP, AR)
4. Run Distributions to G/L (AR, AP, Cash Management, Payroll)

A month is truly closed only when all entries have been made to the month and the period has been closed in Setup Periods. Implementing a monthly closing process that has only 1 period open for posting at a time can virtually eliminate posting into incorrect periods.

Also the closing process typically requires closing some modules before others. For example, AR is often closed a couple of days after the end of a period after invoicing and cash posting has been completed, AP may be closed after all of the payables invoices have been processed, while General Ledger may stay open for a couple of weeks or more until all adjustments have been made. Keystone supports this process by providing a separate Setup Periods for each module.

Month End Close Procedures for each applicable Keystone module

More on Setup Periods