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Month-End Closing

Updated

Overview

This document outlines the recommended month-end procedures for maintaining accurate inventory valuation and financial reporting in GoldFinch ERP.

Complete the following steps in the order listed.

Step 1. Run the Adjust Cost Batch Routine

The Adjust Cost Batch Routine calculates inventory costs based on each item's assigned costing method.

Verify that the routine completed successfully.

This routine is typically scheduled to run automatically every day. If it has not run, execute it manually before beginning the month-end close.

For more information, see Daily Adjust Cost Routine – GoldFinch Clientcare

Step 2. Reconcile Inventory to the General Ledger

Run the GF1003 Inventory to GL Reconciliation Report (As Of Date) – GoldFinch Clientcare and verify the following:

  • All posted Warehouse Shipments have been invoiced.
  • All posted Warehouse Receipts have been invoiced (upon receipt of Vendor Invoices).
  • All completed Work Orders have been marked Finished.
  • All Outside Service Purchase Invoices related to Work Orders have been posted.
  • The Invoiced Cost total matches the balances of the Inventory GL Accounts.

If necessary, post manual Inventory Accrual General Journal entries so the General Ledger accurately reflects inventory value at month-end.

Helpful inventory utilities include:

Step 3. Review Accounts Receivable

Run the Customer AR Aging Report – GoldFinch Clientcare and verify:

  • All customer invoices have been posted.
  • All customer payments have been posted.
  • Payments have been correctly applied to invoices.
  • The total Accounts Receivable Aging balance matches the Accounts Receivable GL account.

Step 4. Review Accounts Payable

Run the Vendor AP Aging Report – GoldFinch Clientcare and verify:

  • All vendor invoices have been posted.
  • All vendor payments have been posted.
  • Payments have been correctly applied to invoices.
  • The total Accounts Payable Aging balance matches the Accounts Payable GL account.

Step 5. Validate General Ledger Summary

GoldFinch financial reports use the GL Summary table. The GL Summary should always match the underlying GL Entry table.

Single Ledger or Multiple Ledgers with the Same Base Currency

If all GL Ledgers use the same base currency:

  1. Open the Difference <> 0 list view on the GL Accounts page.
  2. Verify that no records appear.

If differences exist:

  • Run the Adjust Cost Batch Routine again.
  • If the differences remain, contact GoldFinch Support.
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Multiple Ledgers with Different Base Currencies

If your company uses multiple GL Ledgers with different base currencies:

  • Remove the Amount, GL Summary Amount, and Difference fields from the GL Account page layout.
  • Delete the Difference <> 0 list view.

Because balances from different currencies are combined, these totals are not meaningful.

Instead, run the GL Analysis Routine – GoldFinch Clientcare, which compares the GL Entry and GL Summary tables by:

  • GL Account
  • GL Ledger
  • Accounting Period

If differences are found:

  • Run the Adjust Cost Batch Routine.
  • Contact GoldFinch Support if the differences remain.

 

Step 6. Update the Allowed Posting Date Range

Soft Close 

GoldFinch uses a soft-close approach at month-end.

After completing the reconciliation process, update the posting date range in Company Setup:

  • Allow Posting From = First day of the current open accounting period.
  • Allow Posting To = Last day of the current open accounting period.

This prevents users from posting transactions outside the current accounting period.

Note

If cost adjustments are generated for transactions in closed periods, GoldFinch posts those adjustments using the Allow Posting From date. This preserves historical financial statements while ensuring inventory costs remain accurate.

Hard Close (Optional)

If you want to completely prevent posting into a prior accounting period, change the Accounting Period Status to Closed.

A Hard Close of an accounting period is optional for most companies but is required for Financial Consolidation.

No transactions can be posted into a closed Accounting Period.

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Step 7. Configure User Posting Permissions (Optional)

Some accounting users may require permission to post outside the company-wide posting date range.

To grant this permission:

  1. Open User Setup.
  2. Specify an individual Allow Posting From date.
  3. Specify an individual Allow Posting To date.

These user-specific posting dates override the Company Setup posting date range for that user only.

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