Month-end close for fixed assets, step by step
Depreciation runs on every book, disposals and transfers are posted, and coding problems are fixed before the last day. Seven pre-flight checks run, the close packet is saved with the period, and the period locks against further postings.
Finance / Period close
Close September · Plant 1
Fiscal period 9 · Controller L. Nguyen
- Depreciation
- $96,402.18
- Disposals
- 2
- GL exceptions
- 0
- Checks passing
- 7 of 7
| Pre-flight check | Result | Detail |
|---|---|---|
| Period open and ended | Pass | Sep 30 has passed |
| Trial balance in balance | Pass | Debits equal credits |
| Depreciation posted | Pass | 418 assets |
| GR/IR clearing | Pass | No receipts over 60 days |
| Vendor invoices approved | Pass | None pending |
| Work orders completed in period | Pass | All costed |
Close packet
- Checks, steps and override reasons are saved with period 9.
- Postings to September are refused once the period locks.
Step by step
- 01
Depreciation runs on every book
L. Nguyen previews the September run, checks the largest charges against each asset’s schedule and posts it. Each book uses its own method and convention.
Monthly depreciation runFleet depreciation previewDepreciation schedule for any asset
- 02
Disposals and transfers are posted
A retired press is disposed with its proceeds, and the gain or loss is previewed before the journal posts. Machines that moved between departments are transferred, with a history row for each.
Asset disposal with gain or lossPartial disposalAsset transfers with history
- 03
GL exceptions are cleared
The GL exceptions page counts every known coding problem and links each one to its journal. The team fixes them during the month so the last day is not spent on them.
GL exceptions dashboardAccount structure validatorJournal entry register with export
- 04
Pre-flight checks run
Seven checks cover the trial balance, depreciation, GR/IR clearing, receipts pending inspection, unapproved invoices and work orders completed in the period. Each shows pass, warn or fail with the detail behind it.
Month-end close with seven pre-flight checksTrial balance by companyAutomatic receipt posting
- 05
The close packet is saved with the period
The close runs its steps in order and saves the checks as they stood, the steps that ran and any override reasons. Auditors open the packet instead of asking for screenshots.
Close runs the steps in orderClose packet stored with the periodOverrides that require a written reason
- 06
The period locks
Once September is closed, every module refuses postings dated in it. Reopening it takes a reason and the right role, and both are recorded.
Closed periods refuse postings everywhereReopen a period with a reasonApprovals with separation of duties
Related
Common questions
What do the pre-flight checks look at?
Whether the period is open and has ended, whether the trial balance balances, whether depreciation is posted, GR/IR clearing, receipts waiting on inspection, unapproved vendor invoices and work orders completed in the period.
Can I close with a warning?
A warning can be overridden with a reason, which is saved in the audit log and the close packet. Failures that make the depreciation amount unknown cannot be overridden.
What stops someone posting to a closed month?
The period guard. Every module checks the period before posting, and a closed period refuses the entry. Reopening needs a reason and the right role.
The plant never stops. Neither does the record.
Bring an asset list and a month of work orders. We will load them and walk through your own plant in VenturusEAM, from the purchase order to the depreciation run.