Record to report: journals, month-end and year-end close

#Purpose and scope

This chapter covers the finance cycle from recording journals to closing the year: journal vouchers, recurring journals, bank reconciliation, foreign-exchange revaluation, the close checklist, period and year locking, and the financial reports. Sub-ledger processes (purchases, sales, payroll) feed it and are covered in their own chapters.

#Before you start

1. A fiscal year with periods covering the dates you post (see “Setting up BSuit”).
2. Chart of accounts with an Equity group (for Retained Earnings), bank ledgers linked to banks, and FX gain/loss ledgers if you use foreign currencies.
3. Record types JV and the payment/receipt types, with approval workflows where your policy needs them.
4. Permission to create/edit the voucher types you use (record_type.JV.create, …).

#1. Record a journal voucher

1. Open Transactions and choose the journal type.
2. Enter the date, narration and at least two ledger lines. Debits must equal credits.
3. Save. The voucher is a draft and gets its number from the record type.
4. Choose Submit for approval if the type requires approval. It becomes pending approval and is routed to the workflow linked to the record type.
5. After approval, choose Post. Posting runs the final checks (see below) and the voucher becomes posted.

#What is checked when you post

#2. Recurring journals

1. Open Recurring transactions and base a template on an existing voucher.
2. Choose the frequency (daily, weekly, monthly, quarterly, yearly), start and end, lead days, optional escalation % and skip dates.
3. Tick Auto-post if the generated vouchers should post automatically; otherwise they are created as drafts for review.
4. Use Run now to generate the next occurrence immediately.

#3. Bank reconciliation

1. Import the statement in Bank statement imports. The bank account must be linked to a GL ledger, and the same file cannot be imported twice.
2. Match statement lines to posted transactions. Only posted, non-cancelled transactions can be matched.
3. In Bank reconciliation, when every line is matched, choose Reconcile. The reconciliation records who reconciled it and when.

#4. Foreign-exchange revaluation

1. Open FX revaluation and choose the revaluation date.
2. Preview the open foreign-currency positions and the gain or loss for each.
3. Run. BSuit reverses the previous revaluation automatically (JV-FX-REVAL-REV) and posts the new one (JV-FX-REVAL).

#5. The close checklist (Financial Close Cockpit)

Open Period close, pick the period and start the close. BSuit copies a fixed 15-task checklist into the run; assign owners (they are notified) and mark tasks done, blocked or not applicable.

#6. Lock the period

#7. Close the fiscal year

1. Make sure no drafts remain in the year. In Fiscal years choose Close.
2. BSuit posts a year-end journal dated the last day of the year that moves all income and expense balances into Retained Earnings (creating the RETAINED-EARNINGS ledger under Equity if needed).
3. Every period is hard-closed and the year is marked closed.

#Reports to review

#Who can do what

Posting, submitting and cancelling a voucher need the edit permission on its record type. Closing, reopening, archiving and restoring fiscal years and periods, and signing off or reopening period-close runs, need the Finance Manager role (or a superuser); anyone else gets “403 Forbidden”. The Finance Manager role holds view/create/edit on finance records and nine voucher types.