Closing Procedures

When a job is complete and all billings and cost transactions have been posted, you can close the job. If you use the completed contract or percentage-of-completion revenue recognition method, Job Cost automatically creates journal entries to recognize the final cost and revenue for a job when you close it. You can also close each fiscal period.

When you close a month or fiscal period, the system prevents any future job-related transactions from posting to that period.

The year-end closing process clears all year-to-date balances and reclassifies the balances of prior year-to-date amounts for reporting purposes. If the Closing Jobs Journal Entry checkbox in the Posting Options window is marked, a general ledger journal entry will be created for each closed job.

A general ledger batch is created for each day's closed jobs. The batch ID contains the letters JCC, plus the day's date. For example, if jobs were closed on January 2, 2024, the batch ID would be "JCC 1/2/2024."

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