refer to each previous process only.
Closing periods works very much the same way as closing a Batch. Work left to right with the icons listed in the Actions Bar starting with the preprocess icon. However, the preprocess, revenue recognize, and inventory trans icons will be the ONLY Active Icons sequentially, unless adjustments need to be made. The three exception icons refer to each previous process only.
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| The exception icons refer to the previous process only |
The preprocess icon will check all batches that have deferred revenue for the period are closed. If there are exceptions, just like on the Batch Profile, click on the exceptions icon and go to the exceptions.
To Preprocess an Accounting Period:
will activate. 
will activate (see BELOW for the steps on how to Recognize Revenue). 
will activate.
An exception will occur only if a batch in the Accounting Period was not closed or a batch was not posted.
If an exception occurs, the exception icon will activate.
To Correct an Accounting Period Exception:
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| An exception for a batch that is not closed |
of the record that needs the correction. In the case of batch not being closed, the goto arrow will direct you to the Batch Profile. Prior to recognizing revenue, you can click the Deferral Revenue Available for Recognition (Form) Report on the middle profile information panel to run a report that shows the Deferred Revenue that will be recognized in this period. This is not required however.
Examples of Typically Deferred Revenue: membership dues, term-based subscriptions, event registrations, and other prepaid products.
To Recognize Deferred Revenue in this Accounting Period:
to add a new batch). This
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The Recognize Revenue window after adding a new batch
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| COMPLETED Recognize Revenue window with the scheduled check box selected |
If you are tracking the Cost of Goods Sold, click the inventory trans icon to complete the process, and debit your COGS account and credit your Inventory account.
The Add - Inventory Transaction window is IDENTICAL to the Recognize Revenue window, including the Steps to execute the process.
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| COMPLETED Add - Inventory Transaction window |
If you are tracking the Cost of Goods Sold you will also need to do the following steps:
After you complete the previous processes, the close-batch icon activates. This process ensures that all of the batches in the Accounting Period are closed.
If a batch is not closed, the exception icon to the right of the close-batch icon activates and at this point, you must return to each Batch Profile page individually and close each batch. This includes the batches you created during the revenue recognition and inventory trans processes. When all of the batches are closed, you will be returned to the Accounting Period Profile with the close-batch icon already activated to continue with the period closing procedures.
Remember...batches with pro forma invoices can not be closed. You should move the pro forma invoices to another Accounting Period by just changing the period from the Edit - Batch Profile page.
Once you have closed all batches, click the post-batch icon. This ensures that all closed batches within the Accounting Period have been posted. If there are batches that have not been posted, the exception icon to the right of the post-batch icon will activate. When all of the batches are posted, you will be returned to the Accounting Period Profile with the post-batch icon already activated to continue with the period closing procedures.
You can post multiple batches at once by clicking the Post Multiple Batches link in the Profile Information Panel. Select the appropriate check box(es) to post those batches and create a single export file for all the transactions in all the batches. You can access this file from the Accounting Period profile page from the accounting period -> export child form.
After the posting process is complete, click the close-period icon and the process is completed automatically. This process ensures that all batches are closed and posted and restricts the Accounting Period from accepting any new batches.
An Accounting Period can be closed ONLY if:
For closed batches, you can view a G/L Account Summary by Accounting Period. On the Accounting Period Profile, the accounting summary child form displays debit and credit amounts for the accounting period.