Tuesday, December 12, 2017

ACCOUNTING MONTH END AND YEAR END CLOSINGS IN LESS THAN 20 SECONDS

Year end is fast approaching signalling the start of the annual audit season. Businesses are struggling to get the financial results for the last month of the year and the whole year. Majority of those working for the "Accounting Month End Closing and Year End Closing" say that the closing activities take days or even months. What they don't know for almost a decade now is, that scenario is already a thing of the past. As a matter of fact, doing both will take less than a minute in a properly organized business process of a well crafted ERP software architecture in the latest cloud technology platform. It is quite interesting to learn about the convenience of doing the closing activity anywhere in seconds.

A good example is for companies using iKonomikal Cloud ERP. iKonomikal is processing the month end closing for less than 10 seconds. The activity is only just clicking the boxes of SL Closed, GL Closed and Adj Closed then click the Save icon. That's all. The purpose of closing is to "lock" the period to prevent recording of more accounting entries and posting them as well.

Month End Closing Steps in 10 seconds

Please take note that no automatic closing of accounting entries is generated. The reason is iKonomikal has done already closing accounting entries in each transaction affecting nominal accounts. Meaning in every single posting of accounting entry the following set of accounting entries are being generated:
1. Normal accounting entry of Expense or Revenue
2. Closing from Expense or Revenue to Income and Expense Summary Account
3. Closing from Income and Expense Summary Account to Retained Earnings Account.

This automatic closing feature is only available in iKonomikal Cloud ERP. The advantage of this feature is the user can display or print Financial Reports in real time.

Another good example in iKonomikal Cloud ERP is the year end closing for less than 10 seconds. The activity is only just clicking the boxes of SL Closed, GL Closed, Adj Closed and Year End Closed then click the Save icon. That's all. The purpose of closing is to "lock" the whole year to prevent recording and posting more accounting entries.
Year End Closing Steps in 10 Seconds

Either closed or not iKonomikal Cloud ERP transaction postings goes beyond period and years.

 To reopen a month and the year is to click the boxes again and then save. This could happen when External Auditor provides their adjusting entries. Then close again the month and the year.

End of blog
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