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<< Click to Display Table of Contents >> Navigation: MLS 2026 Fully Integrated Accounting > Accounts Receivable > Periodic A/R closing |
After printing statements, the next step is to close the period.
This step is essential. Delaying closing—even by a few days—can cause your clients’ statements and your internal records to fall out of sync, leading to confusion and difficult bookkeeping issues.
👉 Best Practice:
Always close the period immediately after printing statements.
During period closing, MLS 2026:
•Removes completed transactions (marked with * on statements)
•Updates account balances
•Recalculates aging
•Moves completed items into history
If a transaction is completed after statements are printed but before closing:
•It will be removed during closing
•It will not appear on any statement
•There will be no visible record for the client
This creates:
•Customer confusion
•Missing documentation
•Reconciliation problems
1.Select Tools → Period Close
2.Enter the Billing Cycle
3.Enter the Closing Date
oOnly transactions on or before this date are processed
4.Verify:
oBilling cycle matches the one used for statements
oClosing date matches the statement date
5.Enter an Interest Rate (if applicable)
6.Select Process
When you select Process, MLS 2026 will:
•Update all account balances
•Recalculate aging
•Move completed transactions into history
•Prepare accounts for the next billing cycle
Progress indicators will display as accounts are processed.
No additional steps are required.
Interest may be applied during closing, but many shops use it selectively.
•Interest applies only to overdue balances
•It is never applied to current charges
Some businesses:
•Show interest on statements to encourage payment
•Do not actually post it during closing
This avoids:
•Customer disputes
•The need to reverse interest later
After closing, MLS 2026 may prompt:
“Do you wish to remove the cycle for accounts with 0 balance?”
If you select Yes:
•Accounts with a $0.00 balance will have their billing cycle cleared
This helps:
•Reduce clutter in future statement runs
•Skip accounts that no longer require processing
A closing only applies to the selected billing cycle.
If you use multiple cycles (recommended):
•You must run separate closings for each cycle
•Print statements and close in the same session
•Use consistent billing cycles and dates
•Double-check cycle/date before processing
•Avoid delaying closing under any circumstances