| Before closing the period you need to check the balances. |
This occurs:-
This is always done first.
The total debtor balance is at the bottom.
Accountants like to see the Debtors Trial balance, but since Minder is a real time system it's a good idea to print one now, even if its to PDF. You will also normally require this report for inclusion in the monthly board papers.
You can print through DB > Enquiry > Accounts > History - Aged Balances after closing if necessary |
| Post the General Ledger Transactions first. |
The Debtors Control account, in this case, is AC1200
This company also take security Deposits. They are in LC1600
| Item | Value |
|---|---|
| Debtors Ledger T/Bal | $320,453.42 |
| AC1200 Debtors Cntr Acct | $413,493.17 |
| LC1600 Customer Deposits | ($93,039.75) |
| Total of GL | $320,453.42 |
So we can see that the Debtors Ledger balances with the general ledger, we are good to close the Debtors Period.
Ensure all users are out of Sales Orders.
| Note the list of Periods at the top left, this is the order in which you close each module |
Click on Period Close
The system will now update the Aged Balances checking as it goes as per what we did manually above, once complete you will be presented with the 'Processing Complete' Message Box, click OK and your done.
| If the ledgers DO NOT balance, you will be presented with a warning. DON'T ignore this, they system is no longer in balance & needs to be fixed. |
There are several reasons that you won't balance, either a direct posting to one of the control accounts, or an external interruption (power etc) which has affected a posting. In all cases the resolution follows the same steps.
This is the most common reason for imbalances. Direct posting to a control account, that is an account which is used by a ledger, is not encouraged and should be avoided. If you need to have an entry like this is should be to a subsidiary account.
An Example, we have an imbalance and we need to find it.
This will bring up all the transaction on this account, a big list. Let's use the query filter to find what we need.
Bingo, we have 2 entries, the first one is an incorrect entry which was fixing the bank account, the 2nd entry is our correction moving the 22c off to a cost account called 'Misc Rounding'.
This entry should have been
| AC1110 (Bank Acct) | 0.22 | |
| AY62910 (Misc Rounding) | -0.22 |
Thus avoiding posting directly to the control account.
Only a level 2 user is permitted to perform this procedure. |
Some important Rules when doing this:-
Do not rebuild with next period transactions until after a statement run. The closing balance for the following month's opening balance will be lost. |
Re-check your Debtors trial Balance.
When the above fails to fix the balancing, contact support.