The sales (or accounting) period must be closed at the end of every month even if you currently do not enter in-house charge accounts into the Jewelry Shopkeeper and even if you have not yet put all of your bookkeeping into the Jewelry Shopkeeper. The closing day is not critical, but the last business day of the month is usually the best time to close the month so that your accounting periods will match the calendar months.
This is a simple four-step procedure. You should complete all of the steps before entering any transactions for the new month. If you complete the closing, the numbers reflected in reports, payables, and receivables will be much more accurate. For network versions, no-one else may be using the Jewelry Shopkeeper while you perform these end-of-month procedures.
Unlike previous versions of the Jewelry Shopkeeper, you no longer have to purge sales and payments as part of the month-end closing procedures. Sales from last year will automatically be purged if needed.
Use these procedures in the order presented on the screen to age the accounts receivable and accounts payable transactions and to close the month at the end of each month.
These procedures are required even if you are not using the Jewelry Shopkeeper to track your payables and receivables.