Last Updated: June 3, 2019
|by Briley Acker, CPA|
It is common practice for organizations and businesses to close their books at both month-end and year-end to control any changes that may be made to the general ledger and subledgers.
To prevent users from posting transactions to a specific reporting period in Sage Intacct, select “Close” under General Ledger>>All>>Books from the Application menu.
If working in a multi-entity environment, select the entity that needs to be closed and then select the period up to which the books should be closed.
Select “Close books” and repeat process for any other entities that need to be closed. This action will close all subledgers (cash management, accounts payable, accounts receivable, etc.) as well as the general ledger.
It is common for finance teams to close specific subledgers before closing the period for all posting options. To close a subledger, select the module name from the applications dropdown, then select “Close” under All>>Subledger.
Similar to closing the general ledger, select the entity and the date up to which the subledger should be closed. Then select “Close.”
With the appropriate permissions, users can open periods after they’ve been closed if journal entries need to be posted to the closed period. To do this, select “Open” under General Ledger>>All>>Books.
Select the entity and month that needs to be opened for posting purposes.
If any/all subledgers need to be opened as well, select the corresponding modules and then select “Open books.”
By doing so, users can now create transactions that post to the general ledger and other selected subledgers for the opened period.