Closing Financial Periods: Related Reports and Inquiries

This topic describes the reports, inquiries, and forms you may want to review to gather information about possible discrepancies in subledgers that should be corrected before you close financial periods.

Reviewing the Trial Balance

Before closing financial periods, you may want to review the company's trial balance to ensure that the total value of all debit entries equals the total value of the credit entries and that the data is accurate. You can use one of the following forms to review the trial balance: the Account Summary (GL401000) inquiry form, the Trial Balance Summary (GL632000) report, and the Trial Balance Detailed (GL632500) report.

Reviewing Balance Discrepancies

You can use the Discrepancies by Account (AP409010) and Discrepancies by Account (AR409010) forms to find discrepancies between the balances of AP accounts and AR accounts in the GL and in a subledger (AP or AR) with the accounts listed for a particular range of financial periods.

If discrepancy is found on either of the forms, you can click the needed links in the Discrepancy column to open the Discrepancies by Vendor (AP409020) or Discrepancies by Customer (AR409020) form and view the discrepancies listed by vendor or customer. From either of these forms, you can click the needed links in the Discrepancy column to open the Discrepancies by Document (AP409030) or Discrepancies by Document (AR409030) form to view the specific documents causing the discrepancies.