Finance months is a month wise division of a financial year to control the finance entries i.e. to allow or restrict transaction for the month. Transactions for the month can be restricted by closing the month. It is to be noted that months can be closed sequentially only if it meets required validations.
The Finance Months are created based on the range of the accounting year definition - i.e. if the year is defined as April - March, the Finance Months shall include the January February and March of the next calendar year (Accounting Year April'17- March'18 will have January'18, February'18 and . While for an accounting year defined as January'17 - December'17, the Finance Months will consist of months from within the calendar year of 2017 only.
Prerequisites
The user's role must have
...
the Save
...
application operation enabled
...
for Admin - Organization - Finance Months
...
through Roles in Ginesys Web - Admin - Security.
The users have separate Open and Close permission for more flexibility in usage. This separate permission ensures, user is able to access the options depending upon the role being assigned. It a security check to ensure sanctity of financial data (From version 11.137.0 onward).
Step-by-step guide
Go to Admin > Organization
...
> Finance Months.
Follow the given table to close
...
the finance months.
...
Field Name Description Accounting Year
Year Name Shows the name of the year as defined in the Accounting Year master
Date From The starting date of the selected Accounting Year Date To The last date of the selected Accounting Year Organization Unit The organization unit for which the Finance months are being operational. Status The status of the selected Accounting Year -Open or Closed.
Open Months (tab)
Month Name This field displays all the Open months in the selected Year Name. Start Date It is a display field which shows the first date of the respective month.
Note: The Start Date cannot be edited and is pre-defined in the system.
End Date It is a display field which shows the last date of the respective month.
Note: The End Date cannot be edited and is pre-defined in the system.
Inventory Status This field displays if the particular month's inventory valuationis currentlyclosed or open. COGS Status COGS or Cost of Goods Sold is a calculation process for the proper inventory valuation. COGS status is marked by the system, based on established pre-condition and cannot be modified by the user.It can be found at the following path in GINESYS HO -
Admin - Utilities - Application Tools - Recalculate COGS
It can be marked either - Provisional or Final.
As long as the Finance Months are open, the COGS will be markedProvisionalno matter how many times it is run. Only when the Finance Months are closed, the COGS will be marked asFinal.
Finance Status This field displays if the particular month's Financial Status is currently closed or open. Close Finance Month(Checkbox) Selecting this checkbox will close the selected month and moves it to the Closed Months tab.
Note: Finance Month can be closed only if Inventory Month isClosedand COGS Status isFinal.
Closed months (tab) - Note: All other fields are the same as those in Open Months.
Open Finance Month(Checkbox) Selecting this checkbox will open the selected month and moves it to the Open Months tab. Show Un-posted Documents(Button) - This button shows all un-posted documents in a particular Finance month and is reflected in the OpenMonths only. Show Invoice Pending Documents(Button) -This button shows all invoice pending documents in a particular Finance month and is reflected in the OpenMonths only. Refresh(Button) The Refresh button refreshes the grid. Process(Button) This button allows the closure of open documents and opening of closed documents. Display Section Log Details
This shows log details for the selected month. COGS run Log This shows COGS running log details for the selected month. Inventory Month last modification This shows when the Inventory month was last modified Finance Month last modification This shows when the Finance month was last modified Processing Status -This section displays the current status of the ongoing background process started by clicking the Process button.
To go back to the main page click on Managing (financial) Periods in Ginesys Administration