In MarginEdge, using our "Close Books" feature lets you ensure that once you have closed your books on a period in your accounting system, no more invoices will be posted to that closed period. This will allow MarginEdge to stay in sync with your accounting system and past financial reports.
To read more about how this feature works, please see this article: Closing the Books - Instructions for using the [me] feature
Why Close Your Books?
Closing your books out in MarginEdge ensures that no transactions, invoices, commissary orders, transfers or inventory postings can be back posted from the date you close your books. It mimics the experience of closing your periods out in your accounting system each time.
Once your close books date is set in MarginEdge, if you receive an invoice from the previous period that was uploaded late, it will be dated on the first day of the next open period.
For example, if you set your Closed Books date as of 12/31, if you receive an invoice from 12/08. Your invoice's GL (general ledger) date will be posted as 01/01.
Are you a monthly or a Weekly Closer?
If you are reporting numbers (Sales, COGS, labor) internally or to external investors on a Prime Margin Report or a Weekly Flash Report and you want to ensure that the numbers do not change from what you have originally reported*, then you will want to close your books out on a weekly basis.
If you aren’t certain whether you need to close out your books in MarginEdge weekly or just per accounting period (often that's monthly), use our guide below to help you determine what is best for your restaurant group.