Period close
Reconcile each entity's operational balances, review currency adjustments and close the books.
7 stages · 2 approvals
Roles and responsibilities
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Step 1Prepare
Task NumberPeriodKindCutoff AtAR
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Step 2Reconcile operations
Task NumberPeriodKindCutoff AtAR
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Step 3Reconcile finances
Invoice NumberDealerInvoice DateNet Amount
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Step 6Post and reconcile
Task NumberPeriodKindCutoff AtAR
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Step 7Close
Task NumberPeriodKindCutoff AtAR
Process steps
Follow the process from start to finish. Select a step to see who acts and what changes.
Prepare
Accountant establishes the entity, accounting period and current task population. Retain source revisions and cutoff evidence for subledgers, interfaces and manual entries. Confirm that late documents retain their original dates while any posting uses an eligible period. A prior task completion is insufficient if its underlying sources have changed.
Reconcile operations
Warehouse Manager reconciles owned stock, transit, returns, receipt accrual evidence and open production with Accountant. Physical warehouse quantity and away goods have separate evidence. Trace remaining WIP, allocated completion costs and unresolved losses; a closed route or work order cannot conceal an unposted obligation or remove owned value.
Reconcile finances
Accountant checks AR, AP, unapplied cash, supplier prepayments, credits, refunds, bank statements and tax balances against their controls. Distinguish instructions from settlement and local postings from external delivery acknowledgment. Resolve duplicate, missing and uncertain effects before accepting the current source population; do not clear a discrepancy through an unsupported balancing entry.
Calculate revaluation
Accountant prepares closing-rate adjustments for eligible remaining monetary sources, using reviewed rates and current functional carrying amounts. Subledger detail and its control account cannot both represent the same exposure. Settled scope stays excluded. Physical stock at standard and operational quantity changes do not become monetary revaluation simply because their purchase used another currency.
Approval required
Approve revaluation
Independent Finance Manager reviews the exact rate, source population, proposed adjustment and current revision. Missing rates, unresolved carrying values or changed sources block posting. The decision cannot authorize a different batch later; a material correction requires renewed review before any financial effect.
Post and reconcile
Accountant posts the approved eligible adjustment and rechecks balanced functional journals and their source controls. Preserve prior revaluation so later settlement recognizes only its new exchange difference and reclassifies prior unrealized exchange without another net gain. Repeated execution cannot create a second journal for the same approved effect.
Approval required
Close
Independent Finance Manager reviews current completed dependencies and closes the entity period. Required stock, WIP, cash, accrual, tax and interface exceptions must be resolved, with evidence appropriate to each balance. Subsequent corrections use the controlled period and approval path, preserving the original close and posted history.
Approvals and exception handling
2 approvals required in this process
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Approve revaluation
Finance Manager signs · post and reconcile waits
RevaluationRuns, ApprovalDecisions -
Close
Finance Manager signs · closes the process
AccountingPeriods, CloseTasks, ApprovalDecisions - Source changes invalidate affected reconciliation evidenceDecisions.
- Entity books remain separate; cross-entity trading is not an internal warehouse transfer or automatic consolidation.
- Standard-cost changes require their own reviewed inventory valuation effects, preserving released production snapshots.
- Revaluation uses current carrying valuesDoes not assume an automatic next-period reversal.
- Cutover uses one complete opening ledger plus nonposting detail. Historical quantities and settlements do not replay as new operations.
- Technical message retries cannot substitute for accounting evidence or reopen a closed period.
When the process needs attention
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variance
Reconcile finances
Resolve duplicate, missing and uncertain effects before accepting the current source population; do not clear a discrepancy through an unsupported balancing entry.
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exception
Close
Required stock, WIP, cash, accrual, tax and interface exceptions must be resolved, with evidence appropriate to each balance.
Records and postings
| Stage | Records | Effect |
|---|---|---|
| 1 Prepare | EntitiesAccountingPeriodsCloseTasks | Establish the entity cutoff and current dependencies |
| 2 Reconcile operations | InventoryPositionsStockLayersWorkOrderCostEntriesReturnsCloseTasks | Reconcile remaining owned quantity, value and operational obligations |
| 3 Reconcile finances | InvoicesBillsCashReceiptsPaymentsCreditApplicationsBankStatementLines | Reconcile each financial source to its control |
| 4 Calculate revaluation | RevaluationRunsRevaluationLinesExchangeRates | Prepare one adjustment per eligible remaining exposure |
| 5 Approve revaluation | RevaluationRunsApprovalDecisions | Independently authorize the exact current adjustment |
| 6 Post and reconcile | JournalEntriesJournalLinesRevaluationLinesCloseTasks | Post once and reconcile the resulting balances |
| 7 Close | AccountingPeriodsCloseTasksApprovalDecisions | Independently close the reconciled entity period |
Process reports
All reportsInventory and Valuation
As-of owned quantity/value by entity, product, warehouse, location and lot from net posted StockMovements and remaining StockLayers; show held, picked, production and away transit separately and reconcile once to Inventory/WIP controls.
Cash and Bank Reconciliation
Actual bank balances, statement matches, unapplied customer/supplier balances, reserved unsettled/uncertain instructions and returned payments by entity/currency; pending transport responses are not cash settlements.
Receivables and Payables Aging
As-of posted open debit balances net actual applications/credits/corrections by entity, party, document currency and due-date bucket, with functional carrying reconciliation; unapplied cash and credit surplus shown separately, never silently netted across parties/entities.
Exceptions and Approval History
Current source-revision decisions, expired/invalidated approvals, stock/count/delivery/finance exceptions and correction chains; counts use unique economic case identities and actual timestamps, not duplicate retries.
Run by an agent
Agent support
The assistant cannot supply a required independent human approval or replace actual receiving, dispatch, delivery, production acceptance or bank evidence. It cannot turn an acknowledgment into settlement, a credit into warehouse stock, or a planned route into a completed delivery. Materially changed content must follow the appropriate renewed review.
# Example after configuration
$ curl -fsSL https://www.erp.ai/skill.md | paste into your agent
› period close · prepare on Entities, AccountingPeriods, CloseTasks
✓ Accountant establishes the entity, accounting period and current task population.
› period close · reconcile operations on InventoryPositions, StockLayers, WorkOrderCostEntries, Returns, CloseTasks
✓ Warehouse Manager reconciles owned stock, transit, returns, receipt accrual evidence and open production with Accountant.
› period close · reconcile finances on Invoices, Bills, CashReceipts, Payments, CreditApplications, BankStatementLines
✓ Accountant checks AR, AP, unapplied cash, supplier prepayments, credits, refunds, bank statements and tax balances against their controls.
› period close · calculate revaluation on RevaluationRuns, RevaluationLines, ExchangeRates
✓ Accountant prepares closing-rate adjustments for eligible remaining monetary sources, using reviewed rates and current functional carrying amounts.
› period close · approve revaluation on RevaluationRuns, ApprovalDecisions
⏸ approval · waiting for the finance manager
# 2 more stages after approval: post and reconcile, close
Other processes
5 moreOrder to cash
Carry the dealer's accepted terms through fulfilment, reviewed invoicing and cash application.
5 stages · 2 approvals
Procure to pay
Approve supply commitments, accept actual deliveries and pay reconciled supplier obligations.
9 stages · 4 approvals
Plan and deliver
Release a practical route, record actual delivery results and reconcile the remaining goods.
6 stages · 1 approval
Assemble and kit
Release defined assembly work, accept actual output and reconcile its standard value with WIP cost.
7 stages · 3 approvals
Count and adjust
Count a controlled stock population and review the exact quantity and value before correction.
7 stages · 2 approvals