The following article can be used as a checklist to work through end of month processing.
End of Month Processes
Sales Order Processing
• Fulfill all orders that have been shipped.
• Bill all orders that have been shipped. Hide unfulfilled orders.
• This ensures the income and COGS are in the same period.
Purchase Order Processing
• Post Vendor Bill Variances
Is your Accrued Purchases / Inventory Received Not Billed account balance building up?
When there is a difference between the item receipt value and the Purchase Order bill value a Vendor Bill Variance journal is required to clear the Accrued Purchases and move the difference into the COGS.
• Make sure all Pay Runs are paid (ie. the PayRun Stage = “Payrun Paid” or “Emailed Payslips”).
• Reconcile bank account/s.
Invoicing from Timesheets and Expenses
• Approve all timesheets / expenses / bills and create invoices.
• End of Month Checklist:
– Use the Checklist icon to open the check list
– Each Task needs to be reviewed and confirmed complete, even if there are no occurrences for that period.
• To prevent Date / Period Mismatches:
– Go to Setup > Accounting > Accounting Preferences > General Tab. Set Allow Transaction Date Outside of Posting Period = Disallow.
• To Unlock a Period:
– Open the Checklist.
– Click the Arrow next to Close.
– Enter a reason in the Justification field then click the “Re-open Period” button.
– Click the arrow next to the task to open AR / AP or all.
– All periods after the unlocked period will need to be manually locked again.