Month End Close

Owned by Stephen Juliano
Last updated: Mar 01, 2023
3 min read

Table of Contents

Overview

Use the below instructions and this Excel spreadsheet to close your books.

General Month End Close:

  1. Reconcile Bank Account

  2. Post Subledgers Through Subledger Status Screen

  3. Fill Out Spreadsheet w/ GL and Subledger Balances

  4. Audit Discrepancies By Comparing GL And Subledger Reports Day By Day

  5. Create Adjusting Journal Entries

  6. Print General Ledger Detail Journal (if necessary)

  7. Present Numbers

Bank Reconciliation:

  1. Navigate To Bank Reconciliation Under BNK > Bank Accounts > Bank Reconciliation

  2. Select A Bank Account And Reconciliation Date

  3. Enter The Statement Balance, Charges, and Interest

  4. Click the Edit button start the Reconciliation

  5. Check The Box Next To Each Transaction Present On Your Bank Statement

  6. Enter Any Missing Transactions

  7. Ensure The Balance Is Correct And Click Finish

  8. Save Report For Future Reference

For an in-depth look at Bank Reconciliation, see: Bank Reconciliation

Post Subledgers:

  1. Navigate To The Subledger Status Screen Under G/L > Month End Processing > Subledger Status

  2. Enter The Final Date Of The Month You Wish To Post

  3. Click The "Post All Subledgers" Button

G/L > Month End Processing > Subledger Status

Audit Discrepancies:

  1. Navigate To The General Ledger Detail Journal Under G/L > Month End Processing > General Ledger Detail Journal

    1. G/L > Month End Processing > General Ledger Detail Journal

  2. Print The Detail Journal For The Account In Question For A Day

  3. Navigate To The Subledger Report (paths located below or on month end close spreadsheet)

  4. Print The Subledger Report For The Same Day

  5. Compare Totals

  6. If Totals Are Different Compare Each Transaction To Find The Issue

  7. If Totals Are The Same Print Reports For Next Day

Balance Sheet Accounts and Sub Ledger Reports

Balance Sheet Account

Sub Ledger Report

Paths

Balance Sheet Account

Sub Ledger Report

Paths

Cash

Bank Reconciliation

Bank Reconcilation Report

Accounts Receivable

Customer Aging

A/R > Aging Reports > Customer Aging

Retainage

Project Sales Summary

A/R > Month End Invoice/Tax > Project Sales Summary

(only Active Projects/Only show Projects w/Deposits)

Accounts Payable

AP Aging

A/P > Reports > Vendor Aging Report

Inventory

Inventory Valuation

INV > Reports > Inventory Valuation

Work in Process

WIP Summary

P/A > Reports > WIP Summary

Prepaid PO’s

Prepaid PO Rpt.

PUR > Reports > Open Prepaid PO's

Accrued Payable

Un-Invoiced Receipts

PUR > Reports > Uninvoiced Receipts Report

Open Project Deposits

Project Sales Summary (Deposits Only)

A/R > Month End Invoice/Tax > Project Sales Summary (only Active Projects/Only show Projects w/Deposits)

Open Order Deposits

Deposits Report

A/R > Deposits > Deposits Report

Undeposited Funds

Undeposited Funds

BNK > Bank Accounts > Undeposited Funds

Create Adjusting Entries:

  1. Navigate To The G/L > Standard Journal Entries > Enter Journal Entries

  2. Fill Out Account Number and Debit or Credit Amount Respectively

  3. If A Subledger Account Must Be Entered - Double Click On The Blue Word "Company" In The Header

  4. Click The Lightning Bolt To Process

Print General Ledger Detail Journal (IF Necessary):

  1. Navigate To The General Ledger Detail Journal Under G/L > Month End Processing > General Ledger Detail Journal

  2. Print The Detail Journal For The Account And Date Range In Question