Month End Procedures

Following is a simple list of tasks you need to perform at Month End to make balancing your General Ledger easy.

1.    Go to the AR Manager and make sure all accounting transactions for the month you are balancing have been applied and posted.

2.    Go to the Billing Manager and make sure all invoices for the month you are balancing have been posted.

3.    Go to the AP Manager and make sure all Vouchers for the month you are balancing have been posted.

4.    Run the Open Cost Report, the Voucher Expense Listing and the Aged Accounts Receivable Report.  Run any other reports you typically run at month end.  The most common used in balancing are the Trust and Retainer Balance Report and the Payment Application Analysis (with Reversals).

5.    Go to the GL Manager and access the End of Period Program.

    a.    Approve and Post all Billing and Accounts Receivable Transactions.  Also check for transactions that may have been Approved Only (click on the Unposted Transactions radio button). 

    b.    Approve and Post all Accounts Payable Transactions.  Also check for transactions that may have been Approved Only (click on the Unposted Transactions radio button). 

    c.    Post any adjusting journal entries you have entered.

6.    Go to Bank Reconciliation and reconcile your bank accounts. Enter any adjusting entries that may be needed.  If an adjusting journal entry is required in the General Ledger to reflect this activity, you need to enter that at this time as well.

7.    Once you have reconciled your Bank accounts, go back into End of Period and check for any new General Ledger transactions that may have been created as a result of adjusting entries made in Bank Reconciliation.  Approve and post the transactions.

8.    Print your Trial Balance and balance your cash accounts, fee income and client advance accounts.

9.    Run your Financial Statements and distribute them.

If you keep current on balancing and establish firm procedures for handling reversals, updating previous periods, etc., month end balancing can be a simple task.