Take the dread out of the month end close! Attend this session and pick up tips and tricks for mastering and streamlining the month end closing process. Key reconciliations are just one of the topics scheduled for discussion -- so don't miss this session. Intermediate Level.
<ul><li>1.Month End Close Made Easy!Natalie Scicluna, Principal Customer Care Analyst, DeltekGC-458</li></ul>
<p>2. AgendaBrief Overview of Month End ProcessDiscuss the recommended closing stepsReview the Key Reconciliations in CostpointDiscuss why these Reconciliations are importantDiscuss the reports needed to prepare each reconciliationWalk through how to prepare the reconciliations and what theymeanDiscuss how to address discrepancies found22012 Deltek, Inc. All Rights Reserved 3. Overview Month EndProcessMonth End Close Made Easy! 4. Month End Cycle DiagramDeltek Systems, Inc. (2010) Deltek Costpoint General Ledger & Month End Training Guide42012 Deltek, Inc. All Rights Reserved 5. Month End Cycle PhasesDeltek Systems, Inc. (2010) Deltek Costpoint General Ledger & Month End Training Guide5 2012 Deltek, Inc. All Rights Reserved 6. Month End Closing StepsMonth End Close Made Easy! 7. Closing the Accounting PeriodListed below are the general steps involved in closingan accounting period:1. Post all adjusting journal entries. 16. Compare project ledger to General Ledger.2. Post all journals to the General Ledger.17. Process revenue, then post.3. Post, then freeze, the General Ledger.18. Update Project Status Reports and create project4. Run a test close. report tables.5. Perform the Labor History to General Ledger 19. Update financial statement summary balances.reconciliation.20. Print and review financial statements.6. Update financial statement summary balances.21. Reconcile income statement to organizational7. Enter and post intercompany receivables.cost summary, Project Status Report, and revenue8. Reconcile subsidiary ledgers to financial summary.statements.22. Reconcile unbilled analysis to balance sheet.9. Load labor rates for revenue and billings.23. Reconcile other material balances on the financial10. Process and post billings. statements.11. Perform pool maintenance.24. Make any necessary adjustments to correct12. Compute and process indirect rates.problems found while performing the above steps and13. Post indirect rates. reprocess if necessary.14. Reconcile statement of indirect expenses to the25. Print final financial statements.income statement.26. Close period.15. Compute burden cost.7 2012 Deltek, Inc. All Rights Reserved 8. Key ReconciliationsMonth End Close Made Easy! 9. FS_SUM In Balance: Integrity CheckWhat to run: Use View General Ledger Activity (GL Inquiry) Enter FY and press execute YTD Balance should equal 0.00Why is it important: This is a check to ensure there were no erroneous or incomplete postings92012 Deltek, Inc. All Rights Reserved 10. Update Financial Statement Summary BalancesWhat to run: Use Update Financial Statement Summary Balances Enter FY and select Load Balance Differences then press Execute Compares GL_POST_SUM to FS_SUM Only update if GL Balance is correctWhy it is important:FS_SUM is the basis for Financial Statements and Cost Pool Computations10 2012 Deltek, Inc. All Rights Reserved 11. Labor History to General Ledger ReconciliationWhat to run: Use Print Labor History to General Ledger Comparison Report Enter the FY and Period and print the report Compares LAB_HS to GL_POST_SUM Should be done prior to running Calculate Billings and Compute RevenueWhy is it important: Hours pulled from LAB_HS, Amounts pulled from GL_POST_SUM Basis for Loaded Labor Rate calculations Basis for Project Reporting and Labor Utilization11 2012 Deltek, Inc. All Rights Reserved 12. Reconcile Subsidiary Ledgers to Financial StatementsGeneral Ledger Control Account to A/P Subsidiary Ledger Compare GL Detail Report to Open A/P Report Total A/P Balance should agree on both reports Ensures the integrity of the detail in the subledgerGeneral Ledger Control Account to A/R Subsidiary Ledger Compare GL Detail Report to A/R Aging Report Total A/R Balance should agree on both reports Ensures the integrity of the detail in the subledgerGeneral Ledger Control Account to Fixed Asset SubsidiaryLedger Compare GL Detail Report to FA/GL Reconciliation Report G/L Balance on Report should tie to the F/A Balance Total Ensures the integrity of the detail in the subledger12 2012 Deltek, Inc. All Rights Reserved 13. Compare Statement of Indirect Expense to Project LedgerWhat to run Print PSR at Org level 1 and at Actual rates Run a Statement of Indirect Expenses Compare the Indirect Expenses on the PSR to individual Pools on the SIE Should be done after pools have been computedWhy it is important: Verifies any changes to the cost pool base including the deletion of Account/Org combinations Validates that the Indirect Costs Burdens are absorbed by the existing pool base13 2012 Deltek, Inc. All Rights Reserved 14. Compare Project Ledger to General LedgerWhat to run: Use Compare Project Ledger to General Ledger utility Enter the FY and Ending Period and press Execute If records are returned, Compute Burden Costs for the Project and specified Period in tableWhy it is important: Reports cost differences between the two ledgers Project Ledger is the basis for the computation of Revenue Project Ledger is the basis for Project Reporting142012 Deltek, Inc. All Rights Reserved 15. Reconcile Revenue Summary to Income StatementWhat to run: Generate the Revenue Worksheet and Revenue Summary Reports Run these reports prior to Posting Revenue If the Revenue figures look correct, post Revenue to the GL Generate Income Statements and compare the figures to the Revenue SummaryWhy it is important: Revenue is one of the most critical components of financial reporting and project based reporting. Revenue must match between the Project Ledger and the General Ledger prior to closing the month152012 Deltek, Inc. All Rights Reserved 16. Compare Unbilled Analysis Report to Project LedgerWhat to run: Create and Print the Unbilled Analysis Report Review the Unbilled Balance per the GL by Project Review the calculated unbilled difference between Billing History and the Project Cost & Revenue History. There should not be a difference between the two unless there is an issue with either setup or processing.Why it is important: The Unbilled Receivable account represents the biggest potential risk to every company when left un-reconciled This account generally represents cost that has been capitalized. If this cost is never billed, then it should be absorbed as an expense. Stale balances in this account generally represent setup flaws in the database.16 2012 Deltek, Inc. All Rights Reserved 17. Thank You! </p>