Month-End Routines

Month-End Close Procedures

This document outlines the key month-end routines required to maintain accurate inventory valuation and financial reporting in GoldFinch ERP. Complete these procedures in the order listed below.

1. Run Adjust Cost Batch Routine

The Adjust Cost Batch Routine ensures accurate item costing based on each item’s assigned cost method.

• Confirm that the routine has run successfully.

• This routine is scheduled to run every day. If it has not run, execute it manually.

• For more information, refer to Daily Adjust Cost Routine.

2. Review Inventory to GL Reconciliation

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

• All posted Warehouse Shipments are invoiced.

• All posted Warehouse Receipts are invoiced (if Vendor Invoices have been received).

• All Work Orders with completed output and consumption are marked Finished.

• All Outside Service Purchase Invoices related to Work Orders are posted.

• The Invoiced Cost Total matches the Inventory GL Account balances.

• Post manual Inventory Accrual GL Entries as needed to reflect accurate total inventory valuation in the GL.

Helpful Inventory Routines:

• Inventory Quantity Resync
• Inventory Zero Out Costs Routine
• Inventory Analysis

3. Review AR Aging Report

Run the Customer AR Aging Report and confirm:

• All customer invoices and payments are posted.

• Invoices and payments are correctly applied.

• The AR Aging total matches the Accounts Receivable GL Account balance.

4. Review AP Aging Report

Run the Vendor AP Aging Report and confirm:

• All vendor invoices and payments are posted.

• Invoices and payments are correctly applied.

• The AP Aging total matches the Accounts Payable GL Account balance.

5. Validate GL Account Differences

GoldFinch uses the GL Summary table for financial reports. It must always agree with the GL Entry table real time.

If using a single GL Ledger or multiple Ledgers with the same Base Currency:

• Open the Difference <> 0 list view in GL Accounts.

• Confirm no difference records exist.

• If differences appear:

  • Run the Adjust Cost Batch Routine again.

  • If unresolved, contact GoldFinch Support.

If using multiple GL Ledgers with different Base Currencies:

• Remove Amount, GL Summary Amount, and Difference fields from the GL Account page layout. These fields are not meaningful because they summarize amounts from different currencies, resulting in inaccurate totals.

• Delete the Difference <> 0 list view.

• Run the GL Analysis Routing to compare GL Entry and GL Summary by GL Account, GL Ledger and Accounting Period.

• If differences are found:

  • Run the Adjust Cost Batch Routine.

  • Contact GoldFinch Support if needed.

6. Update Allowed Posting Date Range

To simplify month-end processes, GoldFinch supports a soft close using posting date controls.

• Go to Company Setup and update:

  • Allow Posting From – first day of the current open period

  • Allow Posting To – last day of the current open period

• Prevents users from posting outside the allowed date range.

• Any cost adjustments for closed periods will post using the Allow Posting From date to keep historical financials unchanged.

Hard Close Option: Set prior Accounting Period Status to Closed to block all posting.

7. User Posting Permissions (Optional)

If certain accounting users must post outside the company’s date range:

• Open User Setup.

• Specify individual posting date ranges.

• These user-specific dates override Company Setup posting restrictions.

Article Month-End-Routines  ·  Last updated November 17, 2025 · GoldFinch ERP Help Center