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Closing a Period

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Overview

Closing a period is a simple process that involves setting the Closed Date on the Legal Entity record. This action prevents any transactions for that Legal Entity from being added or modified on or before the Closed Date.

Different Legal Entities can be closed at different times.

Preparation

Before entering a Closed Date, ensure that all necessary transactions for the period have been processed and approved within Restaurant365 for all Locations owned by the Legal Entity that will be closed, such as the following:

• Daily Sales Summaries
• AP Invoices, Credit Memos, and Payments
• AR invoices. Credit Memos, and Payments
• Bank Activity Processed
  • Clearing any remaining activity from the 'Unmatched' tab
  • Reviewing the 'Rules Applied' tab for all applied activity
• Bank Reconciliations
• Journal Entries Posted
  • Payroll Journal Entries
• Inventory Stock Counts
• Any open items from the additional Modules offered by Restaurant365; such as Catering, Commissary, Franchising, and Fixed Assets

Closing a Period

Setting the Closed Date can be performed on a single Legal Entity or on a selected group of entities.

Single Legal Entity:

Step 1: Navigate to the Legal Entities list, located in the 'Administration' subsection of the Accounting Module

Step 2: Review the 'Closed Date' column in the Legal Entities list. The most recent Closed Date for each Legal Entity will be listed here. Note: the 1/1/1900 closed date is a default date on the list view and signifies that the Legal Entity has not previously been closed

Step 3: Select and open the Legal Entity Record that will be closed

Step 4: Enter the Period End date in the 'Closed Date' field. Note, this field will be blank if the Legal Entity has never been closed

Step 5: Save and close the Legal Entity Record. Click the refresh button to view the updated closed date within the Legal Entities list

Multiple Legal Entities:

Setting the Close Date for multiple entities follows a similar process and is performed on the Legal Entities list.

Step 1: Navigate to the Legal Entities list, and select each Legal Entity that will be closed. The checkbox of each selected line will be checked.

Step 2: Hover over the 'Edit Selected' button in the table header and select 'Closed Date'.

Step 3: The Closed Date prompt will appear where you can then select the Closed Date. Click 'Save & Close' to set the Closed Date on each Legal Entity selected.

Reopen a Closed Period

If we attempt to enter a transaction with a date on or before the Closed Date the system will display an error and will not allow the transaction to be saved.

We must first re-open the closed period before any adjusting entries can be saved and approved.

To re-open a closed period, update the Closed Date by following the steps previously outlined. Ensure to update the period closed date to a date far enough in the past to allow for the adjusting entry post date.

Once the adjustment has been Saved and Approved, remember to re-close the period by updating the Closed Date once again.