It is recommended that you determine when you want to go live in the sub ledgers, and then set the last month closed to two months prior to the month that you plan to go live. It is also recommended that you set the last month closed in General Ledger to be the last month of the prior fiscal year-end.

In GL Company Parameters, you will be required to establish the last month closed in the subledgers (AP, AR, and all other sub ledgers) and the last month closed in the general ledger. This simply provides the system with a starting point for inputting data. Once you are using the system this field is automatically updated each time a month is closed.

Situation:

It is currently April of 2020.

Your fiscal year ends September 30th.

You plan to go live in May of 2020.

Suggested setup:

Last month closed in subledgers is 3/20. This allows you to input any balance forward or open information in each subledger into April (4/20), and then begin processing live information in May.

Last month closed in general ledger is 9/19. This allows you to establish a beginning balance in general ledger for the current year, enter all net activity for each month through April, and then begin processing live information in May.