You can close accounting months in Ventures. 

 

• Click Payments. The payment menu will load.
• Click Month End in the menu on the left. A submenu will appear. 
• Click Accounting Months in the submenu. The Accounting Months page will load.
• You will see a list of organizations in your system. If you click on an organization's name, a pop up will appear which will display a record of previously closed months. The table will tell you if there are any organizations that have months that need to be closed. If the column "Need To Be Closed" column has a check mark in it, there are months that can be closed.
• Click the checkbox next to the name of organization that you would like to close the month for. Remember, this will close all months up to the current month for any loan associated with the organization you have selected.
• Once you have selected the organizations you would like to close months for, click the close periods button. A pop up will appear.

 

 

• The Close Periods pop up will appear. Select the month you want to close. The system will close all months up to and including the month you select here.
• Once you select the month, click Continue. The pop up will disappear and all months up to and including the month you selected, will close.

 

 

• The table will update with information that displays the last closed period, who closed it, and when it was closed. Depending on the number of payments records closing, the process may take time to complete. If you have a large payment portfolio, trying to run a report immediately after closing the month may not return complete information.

 

What happens when you close an accounting month? 

 

• The system creates a snapshot of the information in the organizations payment account. This can be used for reporting purposes. We will cover reporting later in this article. 
• The system calculates interest accrued from the last payment in the month to the months end. This can be used in a report.
• In the payment account, you will not be able to edit payment information for closed months. The system will only let you add information starting from the first day of the next month after the closed month. For example if you close your months through June, you will be able to make edits starting from the 1st of July.

 

Closed Months and Reports

 

You can pull information on a month by month basis in reports. There are two parts to this:

1. You must include the Payments: Account Month Parameter in your report. This allows you to choose which closed month the report should pull from when running the report.

 

 

2. The report fields for closed months are listed under "Payment Period Account Data" in the report field builder. 

 

 

You need both the parameter, and at least one field from the "Payment Period Account Data" section of the report builder to report on payment information in a closed month. You can find out more about building reports in our knowledge base article here.