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Close Accounting Period - PM

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Close an accounting period to prevent additional charges or payments from being posted to the current accounting period. 

  • After an accounting period is closed, posting dates must be in an open billing period. 
  • Services posted for a closed accounting period are placed in the first open period and keep their service date.

Prerequisites:

  • Charges must be closed for all client services rendered during the accounting period being closed (Close Charges form).
  • Accounts must be balanced using this equation:

Summary trial balance (previous month) + Earned income report (current month) - Payment & adjustment report (current month, no transfers, no charge reversals) = Summary trial balance (current month)

  1. Go to: myAvatar PM > Billing > Bill Production > Interim Batch Creation > Close Accounting Period.
  2. A message displays reminding you to close charges for all clients through the last day of the month before closing an accounting period. Select Yes to continue or No to cancel.
  3. The Month/Year Of Close For Charge/Payment Postings field shows the first day of the earliest open accounting period.
  4. Select Submit to close the accounting period.
    Result: Once closed, the Month/Year Of Close For Charge/Payment Postings field displays the next open accounting period to be closed.
► Test Script

For implementing new systems or new functionality, download the following standard test script for this feature. Please contact your Netsmart representative for more information about Test scripts.