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 01/02/16, the batch ID would be "JCC 1/2/2016."