Closing the month and/or year in Control provides a bookmark in time that you can use to reference back to this point.

Once you have confirmed that the Balance Sheet and Income Statement match between your old accounting system and Control, we recommend you close the month. Similarly, you will should set a yearly closeout at the start of the fiscal year as a reference point for the financial reports.

When you close the month Control normally assumes you want to close the period “as of now”. In this case, however, we want to close the month effective the specific transition date (assuming it is in the past). We also want to make sure the year was closed for easy reference.

Control can be configured to automatically close the month and/or the year using the automatic_close_outs feature.


Note: Closing the period does not lock any changes to the period, unless the gl_period_locking feature is configured properly. It is a bookmark in time for easy reference. Control still gives you the flexibility (assuming you have the permissions) to post into the previous period.


Retroactively Close the Month

To Retroactively Close the Month, do the following:

  1. In the main menu, click on Tool, then Utilities, and then Retroactively Closeout.
  2. Select Monthly as the Closeout Type.
  3. Select the day after the transition as the New Closeout Date.
  4. Set 12:00 AM (the start of the day) as the time.
  5. Click the Insert Close Out button.
  6. Click OK to close the window.
Retroactively Close the Year

To Retroactively Close the Year, do the following:

  1. In the main menu, click on Tool, then Utilities, and then Retroactively Closeout.
  2. Select Yearly as the Closeout Type.
  3. Select the the first day in your fiscal year (usually 1/1/20xx) as the New Closeout Date.
  4. Set 12:00 AM (the start of the day) as the time.
  5. Click the Insert Close Out button.
  6. Click OK to close the window.
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