Yes, we would recommend academies use the two-stage close facility in FMS. Accounting periods should be closed as soon as possible after the end of the respective period. This helps ensure that control within the ledger is maintained and reconciliations are valid.
Please check the following to ensure your FMS database is configured to use the two-stage close:
Tools>Close Period>Close Period Parameters>Ensure ‘Two-Stage Period Close’ is ticked.
Please note you must also define how many days after a month end the period should be closed. On login, a reminder message is displayed if a period remains open after this number of days.
We would recommend the first stage of the close is only completed once all payroll, petty cash folios, paying in slips and invoices have been posted, however before the bank reconciliation and VAT return are actioned.
First stage close:
Tools> Close Period>Close Period>Close this period. Once the period is closed (not finalised) academies will only be able to process manual journals into the respective period.
Once the VAT 126 and bank reconciliation have been completed the period should be finalised in a timely manner.
Tools> Close Period>Close Period>Finalise this period.
(Please note VAT refunds for previous months should be posted into the month they are received not the month they relate to).