DBA Help

Period End Procedures

With DBA, you do not formally “close” your periods in terms of being required to run any type of procedure to move from one period to the next.  In this section we recommend four period end procedures that are good accounting practices.

Link:

  General Ledger Training Course (DBA Financials)

Training Videos

Support Center – Videos–How Do I? – General Ledger Training Course

Segments: Period End Procedures, Inventory and WIP Accounts, Adjustment Accounts, Absorption Accounts

Step 1 – Make period end journal entries

(GL – Journal Entry)

Make period end journal entries for any accrual accounts that you maintain, such as allowance for bad debt, depreciation, etc.  

Do not make journal entries to auto-balanced accounts

Do not make journal entries to the following accounts, which are automatically balanced with underlying transactions:    

Step 2 – Run Reconcile Book Values procedure  

(Inventory – Reconcile Book Values)

Run this procedure to adjust for minor discrepancies that can occur between an item’s “book value” (as shown on the Inventory Value report) and general ledger Inventory account value due to decimal rounding.    

Step 3 – Reset the financial cutoff date

(GL – Financial Cutoff Date)

After period end journal entries have been made, we recommend that you advance the Financial Cutoff Date.  Select a date equal to the last day of the accounting period you consider to be “closed.”  Financial posting dates cannot be entered prior to or equal to this date.  

Step 4 – Print financial statements

(GL – Reports – Balance Sheet)

(GL – Reports – Income Statement)

The final step is to print your financial statements and submit them to management.  

Fiscal Year End

Unlike many accounting systems, DBA does not require any special procedures to be run at fiscal year end.  At fiscal year end you simply continue operating as you would at any period end.  

At any date during the new fiscal year you are free to make adjusting journal entries in the prior year to finalize your fiscal year end accounting.  

Training Video

Support Center – Videos–How Do I? – General Ledger Training Course

Segment: Year End