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Before closing a period or month

Prior to closing the period or month, complete the following procedures:

• Back up your Job Cost files. If you encounter difficulties during the closing process, restore the backup and complete the procedure again.
• Reconcile all jobs. See Reconciling jobs.
• Close all completed jobs. See Closing a Job. In addition, complete the following steps only if you are using the POC or RPO revenue recognition method. After closing the period, you will create a POC journal entry.
• Use the WIP reports to make sure your Job Cost WIP accounts balance with the WIP accounts in the General Ledger.
• Print the POC/RPO edit list.

Closing a period or month

1. Choose Microsoft Dynamics GP > Tools > Routines > Job Cost > Month-End Closing.
2. Choose the fiscal Year that contains the period or month to close. Enter the Period ID. You cannot close any fiscal period unless the previous fiscal period is already closed.
3. Choose Close. A progress window appears, indicating the status of the month-end closing process. Once the period closes successfully, a message alerts you that you can no longer post transactions to the closed period.
4. Choose OK. If you are using the percentage-of-completion or recognized performance obligation revenue recognition method, you must create a POC/RPO entry after closing a period or month. Refer to Creating Percentage-of-Completion Journal Entries or Creating Job Revenue Journal Entries and complete the steps outlined in that section. If the edit list that prints after you close the period differs from the entry list that you printed before closing the period, contact Key2Act WennSoft Support.

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Opening a closed Job Cost fiscal period

You may need to open a closed Job Cost fiscal period if significant costs come in after a fiscal period is closed, and you want to record those costs in the period in which they were incurred. Once you have re-opened the fiscal period, you can recognize revenue for the new costs and, if necessary, create more billings for the period.
You cannot re-open a Job Cost fiscal period if

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1. Choose Microsoft Dynamics GP > Tools > Setup > Job Cost > Job Cost Setup > Fiscal Periods. The Job Cost Fiscal Periods Setup window opens.
2. Unmark the Series Closed check box  checkbox next to the period you wish to open. This row of check boxes checkboxes is disabled if the fiscal year containing the period is already closed.
3. Choose OK to close the window.

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