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Former Member

Without External Reconciliation Can we do Period End Closing??

Hello Experts... I need suggestion on some issues. Currently, i am working on Live implementation & our client wants to

upload backdated entries from 2008 even though we tried to explain risk associated with it.

Now, i am having three major  concerns,

1) As i have to upload data for last 7 years in 8 days only, it seems External reconciliation will be not possible for

each year. I have major doubt here, what will happen if we skip External Reconciliation & directly execute ýear end

closing wizard.

However I am aware its not recommended, Still, want to know what will be the risks if we did year end closing without having External reconciliations?? As per my understanding, External reconciliation is for cross checking the book balances against the bank balances purpose only as its not posting any effects in system.

as client is going to upload Journal entries as it is from Talley & they are confident that it will match their Trial

balances for each year.

2) In case, Can we move to next years without having Period End closing for all previous years? Can we able to Go-Live in

2014 & letter can we do Period End closing?

3) We are going to implement Fixed Asset here. Can i upload Fixed Asset balances directly from Administration module

without punching Capitalization document. & can we keep Capitalization date for all items same as 01 April 2014 & update

remaining Life accordingly in individual Asset master? Is there any risk factors which needs to consider?

Request you to provide your guidance. If possible, request you to send detailed explanation on'my Email id  'Suhas.patil@inecom.com.sg'.

Regards,

Suhas

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1 Answer

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    Former Member
    Sep 14, 2014 at 09:49 AM

    Hi

    I think you will have no problem closing the year without reconciliation.

    shachar

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