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Overview
Use the below instructions and this Excel spreadsheet to close your books.
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General Month End Close:
Reconcile Bank Account
Post Subledgers Through Subledger Status Screen
Fill Out Spreadsheet w/ GL and Subledger Balances
Audit Discrepancies By Comparing GL And Subledger Reports Day By Day
Create Adjusting Journal Entries
Print General Ledger Detail Journal (if necessary)
Present Numbers
Bank Reconciliation:
Navigate To Bank Reconciliation Under
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BNK > Bank Accounts > Bank Reconciliation
Select A Bank Account And Reconciliation Date
Enter The Statement Balance, Charges, and Interest
Click the Edit button start the Reconciliation
Check The Box Next To Each Transaction Present On Your Bank Statement
Enter Any Missing Transactions
Ensure The Balance Is Correct And Click Finish
Save Report For Future Reference
For an in-depth look at Bank Reconciliation, see: Bank Reconciliation
Post Subledgers:
Navigate To The Subledger Status Screen Under G/
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L > Month End Processing > Subledger Status
Enter The Final Date Of The Month You Wish To Post
Click The "Post All Subledgers" Button
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Audit Discrepancies:
Navigate To The General Ledger Detail Journal Under G/
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L > Month End Processing > General Ledger Detail Journal
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Print The Detail Journal For The Account In Question For A Day
Navigate To The Subledger Report (paths located below or on month end close spreadsheet)
Print The Subledger Report For The Same Day
Compare Totals
If Totals Are Different Compare Each Transaction To Find The Issue
If Totals Are The Same Print Reports For Next Day
Balance Sheet Accounts and Sub Ledger Reports
Balance Sheet Account | Sub Ledger Report | Paths |
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Cash | Bank Reconciliation | Bank Reconcilation Report |
Accounts Receivable | Customer Aging | A/R>Aging Reports>Customer R > Aging Reports > Customer Aging |
Retainage | Project Sales Summary | A/R>Month R > Month End Invoice/Tax>Project Tax > Project Sales Summary (only Active Projects/Only show Projects w/Deposits) |
Accounts Payable | AP Aging | A/P>Reports>Vendor P > Reports > Vendor Aging Report |
Inventory | Inventory ValuationINV>Reports>Inventory | INV > Reports > Inventory Valuation |
Work in Process | WIP Summary | P/A>Reports>WIP A > Reports > WIP Summary |
Prepaid PO’s | Prepaid PO Rpt. | PUR>Reports>Open PUR > Reports > Open Prepaid PO's |
Accrued Payable | Un-Invoiced Receipts | PUR>Reports>Uninvoiced PUR > Reports > Uninvoiced Receipts Report |
Open Project Deposits | Project Sales Summary (Deposits Only) | A/R>Month R > Month End Invoice/Tax>Project Tax > Project Sales Summary (only Active Projects/Only show Projects w/Deposits) |
Open Order Deposits | Deposits Report | A/R>Deposits>Deposits R > Deposits > Deposits Report |
Undeposited Funds | Undeposited FundsBNK>Bank Accounts>Undeposited | BNK > Bank Accounts > Undeposited Funds |
Create Adjusting Entries:
Navigate To The G/
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L > Standard Journal Entries > Enter Journal Entries
Fill Out Account Number and Debit or Credit Amount Respectively
If A Subledger Account Must Be Entered - Double Click On The Blue Word "Company" In The Header
Click The Lightning Bolt To Process
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Print General Ledger Detail Journal (IF Necessary):
Navigate To The General Ledger Detail Journal Under G/
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L > Month End Processing > General Ledger Detail Journal
Print The Detail Journal For The Account And Date Range In Question
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Balance Sheet Account
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Sub Ledger Report
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Cash
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Bank Reconciliation
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Accounts Receivable
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Customer Aging
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Retainage
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Project Sales Summary
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Inventory
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Inventory Valuation
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Work in Process
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WIP Summary
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Prepaid PO’s
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Prepaid PO Rpt.
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Accounts Payable
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AP Aging
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Accrued Payable
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Un-Invoiced Receipts
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Order Deposits
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Order Deposit Rpt.
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Project Deposits
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Project Sales Summary (Deposits Only)