The Month-End Close Process

Month end close is the process of collecting and filing financial transaction information for review, reconciliation, and reporting at the end of each month.

To perform month end close in re:Members AMS:

1. Ensure all batches are closed and posted.

2. Does your association have deferred revenue Deferred revenue refers to advance payments a company receives for products or services to be delivered or performed in the future.? If so:

   1. Run the Deferred Income report for the month.

   2. Save the report as a .csv file.

   3. Note the total to be recognized on the end of the report.

3. In the month's Fiscal Period, process revenue recognition.

4. Close and post the batch created for the revenue recognition.

5. Close the Fiscal Period for the month.

6. Run reconciliation reports

   1. AR Aging

   2. List of Credits

   3. Accounting Ledger Summary

   4. Accounting Ledger Transaction for detail.