How to complete a Retail Month End and close a specific Accounting Period

This article provides a step-by-step guide on performing a retail month-end process, which includes generating interest invoices, creating customer statements, and closing the accounting period. Follow this guide to ensure a smooth month-end procedure.

You may refer to this video for a visual guide on How to Generate a Retail Month End: https://www.youtube.com/watch?v=98VCdKPIsp4.

Step 1: Access the Retail Month End Tab

1. Open the left navigation menu in your system.

2. Click on the Accounting menu option.
   
    

3. Select the Retail Month End Tab.
   
   

• Here, you will see previously completed month-end summaries, including total account balances, interest charges, and customer credit balances.

In this example, we will complete the month-end procedure for October.

Step 2: Start the Month End Process

1. Click the Start Month End button.
   
    

2. In the first section, select the Accounting Period you wish to close.

3. Once you've confirmed the period, press Next.
   
    
   
   
   

Step 3: Review Customer Statements

1. In the Statements section, review the list of customers with House Account balances or those with activity during the period.
   
   

2. Columns in this section:

   • Balance Forward: Shows the balance from the previous month, excluding current period sales.

   • New Charges: Displays interest invoices applied to the balance for the current period.

   • New Payments: Lists payments made by the customer toward their balance.

   • New Balance: Calculated as Balance Forward + New Charges - New Payments.

   • Adjusted Balance: Used to calculate interest, based on balance carried forward minus payments.

   • Estimated Interest Amount: Shows the interest due for the account.

3. If you want to automatically create interest invoices for each customer, check the box provided.
   
   

• Press Toggle All if you want to apply this setting to all customers.

4. Enable the Email Statement checkbox to send account statements automatically to each customer by email.
   
   

            After verifying the information and necessary selections, press Next to continue.

Step 4: Confirm and Process Month End

1. Review the Summary of actions, including the number of invoices to be generated and emails to be sent.

2. Once satisfied, press Process Month End to complete the procedure.
   
   

Note: Once the accounting period is closed, no further updates can be made. Contact Flawless POS support in case of any errors.

This process may take several minutes to complete.

Step 5: Review the Completed Month End

1. Once processed, the new month-end entry will appear in the month-end grid.

2. To view customer details, press the arrow on the left side of the list.
   
   

• Here, you can see the status of automatically sent emails and a link to each customer’s statement.

3. Click View to open the statement PDF in a new tab.
   
   
    

• The statement will display customer details, the carried forward balance, new charges, and payments.

• The account aging summary and terms and conditions are included at the bottom.

Additional Customization

To modify the email template used for customer statements:

1. Navigate to the Communication module.

2. Select the Message Templates tab.

3. Find and update the Customer Statement template.
   
    
   
   
   

Troubleshooting

For any issues encountered during the month-end process, please contact Flawless POS support by logging a ticket.