Defining closing periods

The system gathers maintenance costs on an ongoing basis. When you are ready to process those costs, define closing periods. Typically, closing periods occur at the end of every month, although some companies process transactions on a quarterly basis. When the specified date arrives, the system freezes all of the relevant data, and a new costing period begins.

Note: Define closing periods just before transferring transaction data to another system for account processing (general ledger, accounts payable, accounts receivable, etc.).

To define closing periods:

  1. Open the Closing Periods form.
  2. Click Add Closing Period. The system automatically populates Date Entered with the current server system date.
  3. Closing Date—Enter the closing date for the period.
    Note: Closing Date must be in the past because changes to time sheets, issues and receipts, purchases, and other transactions cannot occur before the date established by the Closing Period.
  4. Click Submit.
    Note: You cannot delete closing periods.