Close Accounting Period

Closing procedure

Assuming invoicing for the period has been done and posted it's time to close the period. 

The purpose is to:

  1. Make sure nothing has been missed in the period (eg. renewals, subscriptions in draft state, subscriptions that haven't been invoiced)
  2. Do revenue recognition 
  3. Ensure sync between Younium and any financial system holding the General ledger

 

The typical process for closing the period involves the following steps:

1. Go to the header Periods in Younium and click the Close period button

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2. Click the Run Validation button. This might bring up some warnings that you may want to take care of before closing the period. In that case, do the necessary actions and come back to point 2 and run the validation again to see the list not containing the validation warnings anymore.

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3. Go to the journals tab. Often you already have an invoice Journal in the list (assuming there have been invoices with a target date in the current period).

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4. Review the invoice journal. More details will be shown below by clicking the line of the journal. If no errors, post the journal by marking the journal line then clicking Post Journal

 

5. Now you want to create the revenue recognition journal for the period about to be closed. This is done by clicking the Create Revenue Recognition Journal button.

 

6. Review the revenue recognition journal and if no errors, Post Journal

 

7. The final step is to actually close the period which is done by clicking the Close Period button. When this is done, no financial transaction can be added to the closed period.

 

Note: all journals in the period has to be posted before you can close the period
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Re-Open Closed Period

Note that opening a previously closed period may result in new transactions added to the period. New transactions will create new journals that must be managed and imported as applicable for your specific case.

To open a closed period go to Periods and select the latest closed period by clicking on the line. Click the three black edit dots in the upper right corner and select 'Open period'

 

Don't forget to close the period again after making any required changes. Also not to forget to get the new journal data if transactions have been added through invoicing or payments.

 

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