Understand Month End Processing

Owned by Nancy Cohn (Deactivated)
Last updated: Aug 02, 2024
2 min read

 

Month end processing allows an entity to report as-of activity in a separate month-end period while maintaining its regular ledger period process.

Use Month End Processing for Reporting

Eagle Accounting clients can report as-of activity in a separate month-end period while maintaining their regular ledger period process. For example, you can set up daily ledger periods and use month end processing in order to additionally generate monthly reports that reflect as-of activity.

The exact tasks you perform during month end processing and the order in which you perform them can vary, based on your organization’s business needs and how you utilize Eagle Accounting.

To report on monthly data in core accounting reports, you typically:

  • Set up Entity/Basis. Set up entities to identify the end of the month.

  • Set up Month End Date Rule. Used by the entity to determine which day of the month to use for month end reporting. 

  • Define Accounting Periods. After you set up an entity/accounting basis with daily accounting periods, the system creates the daily accounting periods, where each daily accounting period stores the monthly accounting date that corresponds to that daily period. The monthly accounting date reflects entity information such as the month end date rule.

  • Process Transactions. Process transactions during the month. Eagle Accounting store two dates, accounting date and monthly accounting date (tag 4733), on every transaction in order to store and generate month end accounting data for daily portfolios. All of the panels located in the Cash, Fund, Ledger, Income, and Custody tabs include the monthly accounting date field. The system stores each transaction where the accounting date and monthly accounting date are different as as-of adjustments.

  • Populate Month End Balances. Use this panel to create month end ledger balances for transactions considered as-of activity. The system stores them in the Monthly Ledger Balance table.

  • Run STAR to PACE Direct Processing. When you use month end processing, you can use STAR to PACE Direct to transfer month end accounting data at the entity/accounting basis level.

  • Close Month End Accounting Periods. You can close the month end after all the daily accounting periods for that month are closed and can reopen it if needed.

  • Run Month End Reports. When you run certain packaged accounting reports as month end reports, you can set Report Type to Month End Date. To create month end activity, Eagle Accounting uses the daily accounting period balances as of the month end date plus the stored as-of activity for the monthly accounting date.

Understand Year End Closeouts When You Use Month End Processing

For funds that use month end processing in Eagle Accounting, the year end close process works in a slightly different manner. For more information, see .

 

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