Month End Closing Procedures - Roberts ?· Month End Closing Procedures ... information to Excel. Note: This query will also be available in Advantage v6.20 in the General Ledger module. To run ...

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    MonthEndClosingProceduresOverview:Throughoutthemonthjournalentrytransactionsarecreatedbyprocessingofaccountspayable,accountsreceivable,billing,cashreceipts,etc.Thefollowingisachecklistofrecommendedstepsandreportstocompleteamonthendclosing.Alistingofsubledgerreportsisincludedtoassistyouindeterminingifthegeneralledgeraccountsareinbalancetotheirrelatedsubledgerreports.Itisrecommendedthatthisbalancingroutineisperformedmonthlyaspartofthemonthendclosingprocess.Forthepurposeoftyingout,itisimportanttochoosereportsthatareselectedbasedonthepostingperiod(ratherthanonlybydate).Otherimportantinformationrelatedtobalancingisaddressedinthisdocument,i.e.,processestoavoidandhowtoresearchoutofbalanceaccounts.Alistingofstandardaccountingjournalsandotheranalysisreportsisalsoincludedthatyoumayconsiderreviewingaspartofyourmonthendcloseprocess.ClosingProcessChecklistGeneralLedgerClosingProcess

    Process Instructions

    ClosePostingPeriods AfterallentriesrelatedtoA/P,A/RandTimeEntryhavebeencompleted,closetherelatedmodulespostingperiods.Notethesettingsofthemodulesareindependentofeachotherandcanbeclosedatdifferenttimes.SetthesemodulesasCurrentforthenextPostingPeriod.IfusingtheClosePostingPeriodapplication,thiswilloccurautomatically.LeavetheGLascurrentandthenextmonthshouldbesetasOpen.

    UpdatetoSummary

    TheUpdatetoSummaryprocesscanbeperformedasoftenasneeded,butmustberunatleastonceamonth.TheUpdatetoSummaryapplicationsummarizesalljournalentriesthathavenotbeenpostedtotheGeneralLedgerSummaryTable.Thismustberunpriortotheprintingoffinancialstatements.

    BankReconciliation PreparetheAdvantagebankreconciliationandprinttherelatedreportinAdvantage.

    JournalEntries Usethejournalentryoptionstostandardizeandautomatemanualjournalentryprocessing:

    ManualJournalEntries RecurringJournalEntries ImportJournalEntries Allocations

    PrinttheTrialBalanceQueryReport

    UsetheTrailBalanceQueryReporttocompareandconfirmthatkeyGLaccountbalancescorrespondstotheirrelatedsubledgerreport.

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    AccountsPayableandAccountsReceivableSubLedgerReports

    Report ReportLocation

    AccountsReceivable Advantage|Accounting|Reports|MonthEndReports

    AccountsPayable Advantage|Accounting|Reports|MonthEndReports

    ProductionSubLedgerReports

    Report ReportLocation

    ProductionWIP Advantage|Accounting|Reports|MonthEndReports

    DeferredSales Advantage|Accounting|Reports|MonthEndReports

    ProductionWIPSeveralofthesereportsincludethedeferredsalesbalanceinformation

    AccruedAP Advantage|Accounting|Reports|MonthEndReports|AccruedLiability

    AccruedCostofSales Adassist|AccountingReports|AccruedCostofSales

    MediaSubLedgerReports

    Report ReportLocation

    MediaWIP/AccruedAP Advantage|Accounting|Reports|MonthEndReports

    DeferredSalesMedia

    AppliestocompanieswhereMediaPrebillIncomeRecognitionissettoInsertion/BroadcastorCloseDateonly

    Adassist|Reports|AccountingReports|MediaSalesReports

    Report6MediaCommissionsBilled(Period,Client,IO)V2withreportoptionsselected:

    FromPeriodandToPeriod:BalancingPeriod

    Include:DeferredasofToPeriodOnly

    TheBillingAmountcolumnwillequalthedeferredsalesmediageneralledgeraccount

    DeferredCOSMedia

    AppliestocompanieswhereMediaPrebillIncomeRecognitionissettoInsertion/BroadcastorCloseDateonly

    Adassist|Reports|AccountingReports|MediaSalesReports

    Report6MediaCommissionsBilled(Period,Client,IO)V2withreportoptionsselected:

    FromPeriodandToPeriod:BalancingPeriod

    Include:DeferredasofToPeriodOnly

    TheNetAmountcolumnwillequalthedeferredcostofsalesmediageneralledgeraccount

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    GeneralLedgerFinancialStatements

    Report ReportLocation

    BalanceSheet Advantage|GeneralLedger|ReportWriter|ReportList

    IncomeStatement Advantage|GeneralLedger|ReportWriter|ReportList

    DetailTrailBalance Advantage|GeneralLedger|Queries&Reports|DetailbyAcctCodeReport

    SummaryTrailBalance Advantage|GeneralLedger|Queries&Reports|TrialBalanceQuery

    ClientProfitabilityReportsClientLevelreportsthattiebacktotheIncomeStatement(Sales/COS)

    Report ReportLocation

    ClientProfit&Loss Adassist|ManagementReports|ClientProfit&LossReports

    Variousreportingoptionsareavailableatadetailorsummarylevelincludingtheabilitytoincludeorexcludeoverheadallocation

    StandardAccountingJournalsAdditionalReportsyoumaywanttoreview.

    Report ReportLocation

    CashReceiptsJournal Adassist|AccountingReports|CashReportsbyPeriod

    CheckRegister Adassist|AccountingReports|CheckRegister

    ClientCashonAccount Adassist|AccountingReports|ClientCashonAccount

    ClientCostsbyVendor Adassist|AccountingReports|ClientCostsbyVendor

    DirectExpenseReport Adassist|AccountingReports|DirectExpenseReport

    DisbursementJournal Adassist|AccountingReports|CheckRegister

    InvoiceRegister Adassist|AccountingReports|InvoiceRegister

    OutstandingBankTransactions

    Adassist|BankReports|OutstandingItemsListing

    PurchaseJournal Adassist|AccountingReports|AccountsPayableReports|DebitAccountDetail

    SalesJournal Adassist|AccountingReports|SalesJournal

    VendorChargesbyJob Adassist|AccountingReports|VendorChargesbyJob

    VendorInvoicebyClient Adassist|AccountingReports|VendorInvoicebyClient

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    ProcessestoAvoidBelowisalistingofprocessesthatshouldbeavoidedItisimportanttounderstandthetransactionspostedtothegeneralledgeraccountsusedinprocessingofaccountspayable,billingandcashreceiptsarecontrolledbythesystem.Thesegeneralledgeraccountsinclude:

    AccountsPayable AccountsReceivable WIP DeferredSales(MediaandProduction) AccruedCostofSales(MediaandProduction) AccruedAccountsPayable(MediaandProduction) Sales(MediaandProduction) CostofSales(MediaandProduction)

    Theseaccountsshouldnotbeusedwhenprocessingthefollowtypesoftransactions. Manual,recurring,importedandallocationjournalentries Accountspayabletransactionspostedonthenonclienttab Bankreconciliationapplicationentriesforservicecharge,interestearned,electronictransfersand

    othermiscellaneousentries Clientcashreceiptadjustmentsandonaccountentries Othercashreceipts

    Whenpostingclientcashreceiptsonaccounttransactionswerecommendpickingoneaccountcodetouse.Forexample,postthetransactiontotheaccountsreceivableaccountoraclientprepaymentaccount.HowtoResearchOutofBalancesBetweenGeneralLedgerAccountsandSubLedgerReportsAccountsPayableandAccountsReceivableAccounts

    Report/GLOutofBalance

    ResearchInstructions ResearchReportLocations

    AccountsPayable PrintthetworeportsunderReconciliationAccountsPayable,PurchaseJournal(ByCreditAccount)andCashDisbursementsJournal(ByDebitAccount)andcomparetotheGeneralLedgerDetailbyAccountCodereport

    Adassist|AccountingReports|ReconciliationAccountsPayable

    Advantage|GeneralLedger|Queries&Reports|DetailbyAccountCodeReport

    AccountsReceivable PrinttheReconciliationAccountsReceivableReport(s);thesereportswillflagthetransactionsthatarecausingvariances

    Adassist|AccountingReports|ReconciliationAccountsReceivable

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    ProductionAccounts

    Report/GLOutofBalance

    ResearchInstructions ResearchReportLocations

    AccruedAP(AccruedLiability)

    PrinttheSalesJournalReport25SalesJournal(AdvanceBillingBreakdown)withJobDescriptionreporttheGeneralLedgerbyAccountCodereportfortheaccruedaccountspayableaccountandcomparetheAdvanceBillingNetcolumntothegeneralledgertransactionsposted(positivenetamountsonthesalesjournalreportarecreditstothegeneralledgeraccount,negativeamountsaredebits)

    Adassist|Accounting|SalesJournal

    Advantage|GeneralLedger|Queries&Reports|DetailbyAccountCodeReport

    AccruedCostofSales PrinttheAccruedCostofSalesReportbyClient/Division/ProductandtheGeneralLedgerbyAccountCodereportfortheaccruedcostofsalesaccountandcompare

    Adassist|Accounting|AccruedCostofSales

    Advantage|GeneralLedger|Queries&Reports|DetailbyAccountCodeReport

    DeferredSales Fortheperiodoutofbalance,printtheSalesJournal1DetailedSalesJournalandtheGeneralLedgerbyAccountCodereportforthedeferredsalesaccountandcomparetheAdvancecolumnonthesalesjournalreporttothegeneralledgertransactionsposted

    Adassist|Accounting|SalesJournal

    Advantage|GeneralLedger|Queries&Reports|DetailbyAccountCodeReport

    ProductionWIP Fortheperiodoutofbalance,printtheWorkinProcess5ProductionWIPActivitybyGLXactreportandtheGeneralLedgerbyAccountCodereportfortheWIPaccountandcompare

    Adassist|Accounting|WorkinProcessProduction

    Advantage|GeneralLedger|Queries&Reports|DetailbyAccountCodeReport

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    MediaAccounts

    Report/GLOutofBalance

    ResearchInstructions ResearchReportLocations

    MediaWIP/AccruedAP

    PrinttheReconciliationMediaWIPReport,thesereportswilllistthegeneralledgertransactionsandflagswhatiscausingthevariance(s)

    Adassist|AccountingReports|ReconciliationMediaWIP

    DeferredSalesMedia

    AppliestocompanieswhereMediaPrebillIncomeRecognitionissettoInsertion/BroadcastorCloseDateonly

    Report6MediaCommissionsBilled(Period,Client,IO)V2andthegeneralledgerbyaccountcodereportforthedeferredsalesmediaaccountandcompare

    Onthe6MediaCommissionsBilledreporttheAmountcolumnwillequaltheDeferredSalesMediaaccount

    Adassist|Reports|AccountingReports|MediaSalesReports

    Advantage|GeneralLedger|Queries&Reports|DetailbyAccountCodeReport

    DeferredCOSMedia

    AppliestocompanieswhereMediaPrebillIncomeRecognitionissettoInsertion/BroadcastorCloseDateonly

    Report6MediaCommissionsBilled(Period,Client,IO)V2andthegeneralledgerbyaccountcodereportforthedeferredcostofsalesmediaaccountandcompare

    Onthe6MediaCommissionsBilledreporttheNetAmountcolumnwillequaltheDeferredCOSMediaaccount

    Adassist|Reports|AccountingReports|MediaSalesReports

    Advantage|GeneralLedger|Queries&Reports|DetailbyAccountCodeReport

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    GLEntryQueryTheGLEntryQueryfoundunderAdassistQueriesisagreattoolforresearchingthetransactionspostedtoageneralledgeraccount.ThisqueryallowsyoutoselectarangeofpostingperiodsandaccountsandsavetheinformationtoExcel.Note:ThisquerywillalsobeavailableinAdvantagev6.20intheGeneralLedgermodule.Torunthisquery:

    1. SelectthePostingPeriod(s)2. SelecttheGeneralLedgerAccount(s)3. ClickonRunQuery4. ClickonSendtoExcel5. Youwillbepromptedtosavethefile,acceptthefilenameGLDetailQTrans.xlsorenteradifferentfile

    name,selectalocationandclickOKtosave

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