End Of Month Processing

Prepare for End of Month Processing (EOM)

Prior to rolling over into the next month, the following activities should be conducted:

Step 1. Confirm all contractors have been paid.

Use Banking Payments to pay out contractors e.g. transport companies and others with end of month terms.

Step 2. Print Outstanding Report for Debtors and Creditors

Run the Outstanding Reports to check if any of your creditor accounts need to be settled and all debtor receipts are entered correctly and up to date. 

Use banking payments to settle any accounts.

In the Accounting screen:

i.  Go to Reports (on the Task Bar) and click on Outstandings.

ii.  Select Debtor (or Creditor as needed).

iii.  Run the report by clicking on Generate.

iv.  Verify the details are correct.

v.  Save to an EOM folder.

Step 3: Enter final bank statement for the last day of the month

Ensure you are up to date entering your bank statements.  No transactions can be entered after closing the month.

Journal in any interest payments or receipts eg bank interest by using Money In/Out.

If your physical bank statement does not come in until a few days into the month, it is best to hold off closing the month.

Be aware that sales from the new month CANNOT be closed as they will be counted towards the current (unclosed) month's figures.

Step 4:  Check the Bank Reconciliation Report

Once the bank statement is entered, go to Bank Reconciliation and Print the reconciliation report. You do not need to physically print or save this yet.

Ensure that this is marked as Bank Reconciliation Successful. Any discrepancies arising from the bank reconciliation need to be resolved before you roll over.

Do not perform End of Month processing until this is Successful.

Step 5:  Ensure all current Sales are processed

Process all sales where practicable. Sales done after the end of month generate journals in the new accounting period.

Do not close any sales for the following month yet.

Step 6:  Run the BAS Statement to check it is correct.

Run a BAS statement and check e.g. the Tax instalment rate, or instalment amount is correct, etc.

Step 7: Run the Ageing Report for Debtors and Creditors

Lastly before running the End of Month, generate an Ageing Report for Debtors and Creditors.

Most reports can be run retrospectively except for the Ageing Report.

Step 8:  Create any Finance Charges

To find out more about this click on this link

Run the End of Month

Once the above processes have been completed, the end of month process is simple to run.

Step 1.  Select Actions  and then End of Period.

Step 2.  Click on Apply

Step 3.  Confirm you wish to close the month 

The system then asks the user to confirm they want to close the end of month.

Click the Yes button and the End of Month processing will complete.

The end of month process always prints and stores a Bank Reconciliation report for each of the banks.

The Bank Reconciliation report cannot be run retrospectively. 

This is the reason the end of month process always prints bank reconciliation reports so you have a bank reconciliation report that matches any of your End of month reports.

The Bank Reconciliation report can be reprinted. The process of generating a bank reconciliation report stores the report just so it can be reprinted at some future time.

Select a date range, click on the report you want to reprint and click the Generate Report button.

Step 4: Acknowledge the EOM is complete

When the process is complete a message appears confirming the end of month has been completed.

Click the OK button.

Step 5: Confirm you are now in the following month

Close and open Accounting to refresh. 

You will see that the month has changed at the top of the screen.

  

Evidence that you are in the next month can also be seen in the Journals screen where there will be no journals.

After Completing the End of Month

Print reports for the last accounting period. Reports usually printed are:

• The BAS statement.

• Client Statements (usually transmitted, sent direct to clients by email).

• The Transit insurance report.

• The Butchers insurance report.

• Trial Balance, with Client option (No Clients).

• Trial Balance with Client option (Only Clients).

If you don't often backup your system, EOM processing is a perfect time to perform a backup to safeguard your data, particularly if you are using the Accounting system

  

 

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