Monthly Closing & Reconciliations

Presented by Bronwyn Duprey

Introduction

Data Flow

File Types

Reconciling within an application

Reconciling applications to General Ledger

STO Reconciliation Tools

Other Tools

Month-End Checklist

Month-End Tips

Error Prevention Techniques & Tips

Introduction

Your name

Company Name

Responsibilities within the company

Experience with Timberline

What you expect to learn

File Types

There are two main file types:

Master files

Transactions Files

There are three types of transactions files

New

Current

History

File Types

Exceptions

Accounts Payable – Master file = Current

Cash Management – Register = Current

Contracts – Active = Master and Transaction

File Types

Other File Types

System files

Payroll

Property Management

Standard

Accounts Receivable

Billing

Contracts

Equipment

Activity – Accounts Receivable

Basic Data Flow

Data Flow Between Applications

Data Flow Between Applications

Reconciliation within an Application

• Why?

• What reports?

• Tips:

Make sure you are looking at the correct range of account numbers in

General Ledger

Look for transactions in the GL report that don’t belong

Look for entries to the wrong account number in GL

Look in the interfacing application reports for entries with no account

number or the wrong accounting date

Reconcile Applications to General Ledger

• Identifying account numbers to reconcile

AP Settings

Reconcile Applications to General Ledger

• Identifying account numbers to reconcile

AR Settings

Reconcile Applications to General Ledger

• Identifying account numbers to reconcile

PR Settings

Reconcile Applications to General Ledger

• Identifying account numbers to reconcile

CM Bank Account Settings

Reconcile Applications to General Ledger

• Identifying account numbers to reconcile

JC Settings

Reconciling Accounts Payable to General Ledger

• Period End Report for AP Accounts

• Open Invoices with Cutoff Date

• Invoice Aging w/cutoff Date

• GL reports to compare

YTD Ledger – range to select only the AP accounts

Trial Balance – range to select only AP accounts

Reconciling Accounts Receivable to General Ledger

• AR Aging Detail by Customer (CR)

• AR Aging Detail by Customer Name (CR)

• AR Aging Detail by Job (CR)

• AR Aging Detail by Contract (CR)

• GL reports to compare

YTD Ledger – range to select only the AR accounts

Trial Balance – range to select only AR accounts

Reconciling Payroll to General Ledger

• Burden by Debit Account

• Fringes by Credit Account

• Deductions by Credit Account

• Taxes by Credit Account

• Labor Costs by Account & Job

• GL reports to compare

YTD Ledger – range to select only the PR accounts

Trial Balance – range to select only PR accounts

Reconciling Cash Management to General Ledger

• Inquiry-Register Balance (to verify future balance)

• Bank Reconciliation Report (to verify current balance)

• GL to compare

Inquiry – Account – Future Balance column

Trial Balance – range to select only cash accounts or YTD ledger

ranged to select only cash accounts

Reconciling Cash Management to General Ledger

• Inquiry-Register Balance (to verify future balance)

• Bank Reconciliation Report (to verify current balance)

• GL to compare

Inquiry – Account – Future Balance column

Trial Balance – range to select only cash accounts or YTD ledger

ranged to select only cash accounts

Reconciliation Tool

• Only available from Sage Desktop

• Located under Additional Tools

• Let’s take a look

Other Tools

• Monthly Tasks Workflow Center

• Reconciliation Log

• My Tasks

• Sage Timberline Office Knowledgebase

(www.sagetimberlineonline.com)

KB172180 Reconcile voided checks in the month that they occur

KB175951 Report to reconcile the employees’ check file totals to

their employee file totals for deductions

7x Accounts Receivable to GL (procedure & reports)

• Ensure all entries are made and posted.

• Reconcile detail to accumulated totals.

• Run Month-End Reconciliation Reports

• Reconcile to interfacing applications

• Error corrections & prevention

• Run & review month-end reports

• Backup files

• Close Month in each application

• File Maintenance (Optional)

• Learn how data flows from one application to another and

within each application

• Make sure all entries have been posted

• Work with small pieces instead of the whole company or year

at once

• Make sure the reports you are using don’t have any

inappropriate conditions or ranges

• Make sure beginning balances were reconciled and haven’t

changed

• GL Settings – Processing Options

• AP Settings

• PR Settings

• JC Settings

• AR Settings

• CM Settings

Summary

• Data Flow

• 2 Ways to reconcile

Within the applications

To GL

• Reconciliation Tool & Other Tools

• Month-End Checklist & Tips

• Error Prevention Techniques & Tips

Summary

•QUESTIONS??

Your Aktion Contacts

Consultant

Bronwyn Duprey

7650 Rivers Edge Dr

Suite 150

Columbus, OH 43235

bduprey@aktion.com

Office: 614-840-9880 ext 407

Cell: 614-634-8804

Thank you for attending.

Presented by Bronwyn Duprey