GL Periods
From the Accounting tab, select General Ledger and then GL Periods from the drop-down menu.
Closing Periods
NEX separates closing sales, costs, cash and GL to assist an organization in orderly review and closing.
- GL Periods closing applies to all locations.
- Sales should be finalized within a day or 2 following month's end. Anything beyond day 1 means the locations are backdating, which signifies a significant process issue regarding complete / delivery of vehicles.
- Cash should be finalized when you have completed the bank reconciliation.
- Cost should be finalized whenever you are comfortable all AP has been recorded for the month. For some, that's 3-5 days, for others 10-15. You can also wait until statements are reconciled.
- We do not recommend opening periods once they have been closed. If further review is required, then the month isn't finished and should not be closed.
- NOTE: The only exception is GL Journal entries. You can open / close as desired / needed for any year end or otherwise.
Sales, Cash, Cost, Auto JE, and GL must each be closed separately for each YrNoPeriod. A "Y" indicates that the period is closed, a blank space that it is still open.
To close a period, double click in the grid to change the blank space to a "Y".
You will get a message that says "Update Complete". Changes will automatically be saved.
If you are behind on closing periods, you can close the latest period and all periods prior will automatically close.
Re-Opening Periods
To re-open a period, simply double-click on the column to remove the "Y". All periods after the period you re-opened will also re-open.
Year Closing
At the beginning of a new year, you should close the prior year.
Do this by clicking the "Close 20XX" button at the bottom of the screen
