How to Close Period

Use this workflow to run the current PAX close-period routines from GL & Close.

Before you start

Confirm normal operational activity has been reviewed before closing. This includes customer payments, vendor payments, bank reconciliations, credit card activity, depreciation assets, inventory usage, and journal entries that belong in the period.

Month-End Closing and Quarter-End Closing are separate in PAX:

• Month-End Closing runs customer activity, depreciation, and inventory usage routines.
• Quarter-End Closing locks the selected fiscal period and carries balances forward.

Year-End Closing is visible but not yet implemented.

Screen path

Dashboard > Finance > GL & Close > Close Period

Run month-end routines

1. Open Close Period.
2. Select Month-End Closing.
3. Review the displayed closing month. Customer activity and inventory average monthly usage run as of the final day of the prior calendar month.
4. In Customer Activity Review, confirm Inactivity Period (months).
5. Select Analyze Customer Activity.
6. Review active customers, new customers in the closing month, customers to deactivate, customers to activate, churn rate, total customers evaluated, and customers missing Customer Since dates.
7. Select Update Customer Status only after the analysis is acceptable.
8. In Monthly Depreciation Posting, select the month to post in YYYY-MM format.
9. Select Post Monthly Depreciation.
10. Review the posted asset count, total amount, assets posted, and skipped assets.
11. In Inventory Average Monthly Usage, select Recalculate Average Monthly Usage.
12. Review the success message and usage window.

Month-end routines do not lock the fiscal period.

Close a fiscal period through Quarter-End Closing

1. Open Close Period.
2. Select Quarter-End Closing.
3. Review Period to close. PAX defaults to the most recently ended open period when one exists.
4. Wait for the preview to load.
5. Review the period dates, account count, next period, and closing balance totals by account type.
6. Review any bank reconciliation warning.
7. If a bank reconciliation is in progress, complete or delete it before closing.
8. Confirm the next fiscal period shown in the preview is correct.
9. Select Close [period].
10. Review the success message showing the closed period, account balances finalized, and next period seeded.
11. Select Done.

Do not close the period until bank reconciliation status, journal entries, depreciation posting, and review procedures are complete.

What happens after close

When Quarter-End Closing succeeds, PAX:

• Writes closing balances for the selected fiscal period.
• Adds fiscal balance rows for accounts that had activity but did not already have balance rows.
• Seeds the next fiscal period opening balances from the closed period balances.
• Marks the selected fiscal period closed.
• Blocks new journal entries for the closed period because manual journal entry posting requires an open fiscal period.

After close, review final balances in General Ledger Overview and finance reports as needed.

Related docs

• Close Period Overview
• GL & Close Overview
• General Ledger Overview
• Journal Entries Overview
• Depreciation Overview
• Bank Reconciliation Overview
• Credit Card Management Overview
• Finance Reports Overview