Close period

When you select 'Close period' under 'Accounting' on the main menu, you'll see a screen that lists the companies you have defined and the current accounting year and period for each company. (If you want to close both the period and the year, you should select 'Close year' instead.)

To close the period, select the company name or names whose period you want to close then click "OK" and specify when you would like to run the period close (click here for details on options for running updates). (QuickFill always warns you to back up your database before you begin. Make sure that you have an up-to-date backup.)

When you open your database, QuickFill displays a "Close period" warning message if the accounting period has not been closed in the current month or if it was closed more than 5 days before the last day of the prior month. This message is simply a warning. Clicking on "OK" in response to this message does not close the current accounting period.

When to close the period

Close the period at the end of each accounting period after you've done the following:

What 'Close period' does

When you run 'Close period', QuickFill first extracts the remaining journal entries (click here for details on the 'Journal extract'.) and then produces either four or six reports, depending on whether you have enabled detailed sales tax reporting or not.

  1. A 'Period End Closing' report which summarizes, by general ledger account, the total changes to each account for the period.

  2. A  'Period Close Detail' report which lists the accounting effects of every transaction performed during the period. This report will be quite lengthy. You do not need to print this report, but you should preserve it in case you need to determine why QuickFill reported the amounts listed in the 'Period End Closing' report.

  3. A 'Journal Extraction' report. This lists the changes to the general ledger accounts that have occurred since the last time you ran a 'Journal Extract' or 'Close Period'. The report includes the name of the journal file that was created in case you want to use that file to post the journal changes to your accounting system. Please note that if you ran a 'Journal Extract' immediately before closing the period and did not enter any transactions since that time then you will not get a second 'Journal Extraction' report when you close the period. The report that you already obtained when you ran the 'Journal Extract' will contain everything you need.

  4. A 'Transaction Counts' report. This report lists the number of transactions entered for each publication and company during the period, broken down by transaction type.

    If you collect sales taxes and you have defined a sales tax jurisdiction table to enable detailed reporting of sales taxes collected by jurisdiction then QuickFill will produce two additional reports. Click here for information on defining a tax jurisdiction table.

  5. A summary 'Sales Tax Report' which lists the sales tax amounts that were collected during the period. It also lists the uncollected sales tax amounts, which are sales taxes that are owed for unpaid orders. The report is broken down by state and then by jurisdiction within the state.

  6. A detailed 'Sales Tax Report' which is similar to the summary report but includes a detailed breakdown by order number. Like the 'Period Close Detail' report, you don't need to print this report, but you should preserve it in case you are audited.

When the period has been closed  QuickFill deletes all of the batch log entries for the period and enters zeroes in the "Period-to-date" column of the 'Account codes' screen (click here for more information on account codes). Finally, it also automatically increases the period number by one on the 'Companies' definition screen.