The topics covered in this course will provide a comprehensive overview IFS month end processes. We will discuss the different reconciliation steps required for a complete month/period end close.
WHO SHOULD ATTEND?
This course is designed for accounting personnel focusing in on the month end close process.
It is assumed that participants have a working knowledge of IFS navigation and practical knowledge of general accounting practices.
This session is designed to ensure that you are aware of all the procedures/steps that you need to take in order to close the month in IFS. We will go through all the month end processes, correct any erroneous transactions, run reports, and reconcile the sub-ledger balance to GL balance.
Topics covered will enable the participant to:
- Close the accounting period for non-financial users
- Transfer transactions from other modules (mfg, dist., project, etc.) to the accounting holding table
- Correct erroneous transactions
- Create and post all AR and AP invoices
- Update all transactions to GL
- Run sub ledger reports
- Reconcile sub ledger account balance to GL
- Run financial statements
- Close the accounting period for all users