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Month End close date

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Posted on by dmean1

Does everyone normally close their month on the last day of each month? The reason I ask, we were recently bought out and the new owners are wanting me to close our month on the last Sunday of each month. I was just wondering if anyone had issues doing this.

Thanks

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AshokKumarGuptaEga Microsoft Employee on at

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Hello dmean1,

It is not must that the month end should be closed on the last day of calendar month. It is more business driven decision based on their internal policies & practices.

If the organization decide to have this any other day than month end date it is still acceptable.

Best Regards

Ashok Kumar Gupta Ega

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Shaheryar 275 on at

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Hi Dmean1,

Monthly closing varies as a practice from one organization to another and is dependent upon a number of different business factors. It is perfectly fine to initiate a closing as per a day in the last week or any initiate it as per a certain date and there will not be any problems as a result of it. As normally companies initiate phase wise closing where they close one business area and then close the subsequent and so on. It may be an extended process which can be spread over a couple of days. The system supports many different ways to achieve this it could be done by putting an entire period on hold on the date of closing or in the case of phase wise closing you have module status field which will be used to close individual business functions. It also allows the monthly period to be available to selected number of users only through user group settings.

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Ludwig Reinhard Microsoft Employee on at

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Hi dmean1,

Many companies especially those that are located in the US use a 4-4-5 calendar to have a better basis for making comparisons over the period of a quarter.

This is often better compared to comparing data over periods that have a different number of days.

Please have a look at the following post: www.loganconsulting.com/.../

Best regards,

Ludwig

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