SyteLine Period Close Checklist and Best Practices Guide
Period close in SyteLine involves reconciling subledgers, posting final adjustments, and closing the GL period to produce accurate financial statements. A well-defined close checklist reduces close cycle time, prevents missed steps, and ensures financial integrity. This guide provides a comprehensive period close checklist organized by functional area with specific SyteLine forms and processes for each step.
Subledger Reconciliation Steps
Period close begins with reconciling all subledger balances to the GL. The Inventory Subledger Reconciliation compares the sum of item-warehouse on-hand values to the GL inventory accounts. AP Reconciliation verifies that the AP aging total matches the GL AP liability balance. AR Reconciliation confirms that the AR aging total equals the GL AR trade receivable. WIP Reconciliation checks that open job costs match the GL WIP account balances. All reconciling differences must be investigated and resolved before proceeding.
- Run Inventory Subledger Reconciliation to compare item-warehouse values to GL inventory account balances
- Verify AP Aging Report total matches the GL accounts payable liability account balance
- Confirm AR Aging Report total reconciles to the GL accounts receivable trade account balance
- Reconcile WIP account balances to the sum of open production job costs on the WIP Detail Report
- Investigate and journal-entry any subledger-to-GL differences before proceeding with close steps
Period-End Processing Tasks
After subledger reconciliation, execute period-end processing tasks in sequence. Run depreciation for the current period to post fixed asset expense. Process currency revaluation for open foreign currency balances. Post all pending inventory, AP, and AR transactions to ensure the GL is complete. Record manual accrual entries for expenses incurred but not yet invoiced. Review the GL Trial Balance for reasonableness before closing the period.
- Run Fixed Asset Depreciation to calculate and post depreciation expense for the current period
- Execute Currency Revaluation for open AR and AP foreign currency balances at period-end exchange rates
- Post all pending batch transactions in inventory, AP, and AR to ensure the GL reflects all activity
- Record accrual journal entries for expenses incurred but not yet invoiced (payroll, utilities, services)
- Review the GL Trial Balance report for unusual balances, unexpected variances, or missing postings
GL Period Close and Reporting
The final close step uses the Close Period utility on the GL Periods form to lock the period against further posting. Before closing, generate the GL Transaction Detail report for all accounts to create the permanent audit record. Close the period in the correct sequence: close subledger periods first (AP, AR, Inventory), then close the GL period. For year-end, the Close Year utility rolls net income to retained earnings and resets income statement accounts to zero.
- Close subledger periods (AP Period Close, AR Period Close, Inventory Period Close) before the GL period close
- Generate GL Transaction Detail report for the closed period as the permanent audit documentation record
- Close the GL period on the GL Periods form to prevent inadvertent posting to the completed period
- For year-end close, run Close Year to transfer net income to retained earnings and zero income/expense accounts
- Open the next period immediately after close to allow current-period transaction processing to continue
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