Genoa Gov includes month closing and year closing for the accounts sections of Iraqi government departments. Month closing completes the accounting work for a month, and year closing completes the work for the fiscal year. Closing takes place inside Genoa Gov itself, within each office's own database.
Month-end closing is the step where the accounts section finishes the month's work. Before it, the section usually makes sure that the month's vouchers have been audited, approved and posted, and that cheques and corrections have been dealt with.
In Genoa Gov, month closing is part of the system, so each month ends with a defined step instead of being left open with no clear end.
Year closing is the step where a department finishes the work of its fiscal year, after completing the work of each month and preparing its final accounts.
Genoa Gov includes year closing alongside month closing, so the department has a closing for each month and a closing for the year in the same system.
The purpose of closing is that a period's figures settle once it is closed, so new vouchers are not added to it afterwards.
How corrections relating to a closed period are handled is something you can discuss with the Genoa team during a demo.
Closing regularly each month helps get each month reviewed on time, so checks and corrections do not pile up until the end of the fiscal year.
Genoa Gov includes month closing as well as year closing.
Before closing a month, an accounts section usually checks that the month's vouchers have been audited, approved and posted, and that any needed corrections have been made.
These are general steps in government accounting, and the details can vary with each department's instructions.
Amend a voucher after posting, with every change kept in a full audit trail.
The department's budget and allocations, with a check that the allocation covers spending.
Every office works in its own separate database.
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