Those located in Asia-Pacific will use the term Trust Account, where customers located in Europe will use the term Client Account. For more information on regional terminology, refer to this article.
The Close of Period function allows users to take a snapshot in time of their Client / Trust Account and captures all the reports required for audit purposes.
It is recommended to run a close of the period each month:
- After all bank statement transactions for the month have been imported and reconciled.
- After processing any disbursements for the end of the month. This is especially important if you have selected Periodic Statements in your Client / Trust Account settings.
Launch the Close of Period from the Client / Trust Account home screen by clicking the Close Period button at the bottom of the page.
Check the month (1) is selected correctly and the covered period (2) before clicking Start Close of Period Wizard.
- Close of Period Scheduled for will always show today's date. This cannot be changed.
- Check the Month is correct, if you missed a previous close of period it may need to be reset.
- Click on Start close of period wizard to continue.
- Tick the Close of Period checklist items.
- Select Save and continue.
- The next screen will provide the option to Complete Close of Period or Cancel Close of Period, if needed.
You will see the notification that the reports are being prepared and may take a little while. Once they have generated you will be emailed.
From the Client / Trust Accounting home page, the Most recent Close of Period can be accessed by clicking on the grey tile or the Close of Period History tab.
Under the Close of Period History, you can access the relevant reports for each period and download as a zip file.