SAGE INTACCT TIP

Close Books

 

Use the Close Books page to select the ending period for which you want to close the books. Once books are closed, you cannot post transactions in any application for any date older than the end of the selected period.

All open books are automatically closed when you close books for a subsequent period. For example, suppose you have closed books for Q1, but not Q2. If you close the books for Q3, the books for Q2 are closed automatically.

Closing the books should be a regular part of your period-end process. It prevents users from posting transactions to the wrong period and ensures that you can finalize your financials.

 

Close books

To close the company books:

  1. Go to General Ledger > All > Books > Close. The Close Books page appears.
  2. Click the To the end of the period drop-down list, and then click the period you want to close.
    1. Reporting periods are managed in Company > Admin > More > Reporting periods. If the reporting period isn't listed, add the reporting period to use. Refer to Reporting periods for details.
  3. If you are a top-level user in a multi-entity shared company, you will see the Entity/Entity Group drop-down list, and then click a single entity, entity group, or all subordinate entities.
    1. Once an entity is closed, you can't post transactions from the top level or entity. In other words, closing the books at the top level for a specific entity closes the books at the top and entity level but only for the entity you specified. For example, suppose you select a period to close, but you do not select an entity. Sage Intacct closes the books for all entities. Alternatively, if you select an entity or entity group, then Sage Intacct closes the books only for the selected entity or entities.
  4. Click Close.

Close your books for any ending period for which you want to prevent anyone from making any further changes or transaction entries. You also can re-open the books if the books were closed unintentionally.

To make an adjustment after you close the books, use the adjustment journal. (General Ledger > All > Setup > Journals > Adjustment). Go to Make adjustments to closed books — Adjusting journal entries for details.

To restrict Open Books access to your accounting manager, controller, or CFO, you can set access permissions for them in the Company application.

You can access detail for a closed period at any time by opening the books.