After completing the month's processing in MDS, MCL, and MGL, the General Ledger End of Month (EOM) rollover may be performed.
An important part of End of Period work is reconciling figures, particularly from the subsidiary ledgers – Stock, Debtors and Creditors – to the relevant control accounts in the General Ledger. It is usual, but not essential, to have all GL batches printed and accounts reconciled prior to running End of Month. Your End of Month procedures should state the order in which you process batches from MDS, MCL and MGL, and the reports you should print.
Since MGL is an open general ledger, the End of Month process does not preclude you from posting any further transactions into the period rolled over. Prior-period postings to any prior period can be done at any time in the General Ledger.
The actual End of Month procedure moves the default GL period forward one month. This period is displayed on the MGL General Configuration screen (refer to "Edit - General Ledger Config - General Ledger Setup").