What is the purpose of 'period end closing' in GFEBS?

The purpose of 'period end closing' in GFEBS is fundamentally to finalize accounting for a specific period. During this process, all financial transactions that have occurred within the period are reviewed, categorized, and recorded accurately. This ensures that the financial statements reflect a true and fair view of the organization's financial position at the end of that period.

By finalizing accounting for the period, it allows for the preparation of accurate financial statements, which are essential for internal management and external reporting. This process helps in identifying any discrepancies or necessary adjustments to ensure that financial information is reliable and complies with accounting standards and regulations.

The period end closing process is crucial for maintaining the integrity of the financial data and providing stakeholders with timely and accurate information for decision-making purposes.