Month End Procedures for Accounting

Getting Started Overview Information Guide ->

To be Completed on the last Working Day of the Month All Daily and Weekly activities to be completed first.

1.Accounts Receivable Finance Charges and Statements

_____  Calculate Finance Charges
_____  Post Finance Charges
_____  Fax Statements  (if applicable)
_____  Customer Statements
 

2.Balancing the Accounts Receivable

_____  Aged A/R Summary
_____  Inquiry By Account#:
       Select A/R Account
       Period End Date = Month End
       Accumulate Prior Balance = Y
       Paging Screen = N,   Summary.

   Aged A/R Summary Report Total       ____________________

   G/L Acct #_______ Balance on Screen ____________________

                       Difference      ____________________

 

3.Clearing Accounts to have Month End Balance = Zero

_____  Acct #________  Cash Clearing
_____  Acct #________  Suspense
_____  Acct #________  ____________________________
_____  Acct #________  ____________________________

 

4.Roll-over Month End Dates

_____  Month End Date Range Roll-Over
       Roll over all dates except programs relating to Accounts Payable & General Ledger functions.

 

MONTH END FINAL CLOSE OUT

According to your company requirements, select 5 to 10 days after month end to finalize the month's activities. Between 5 and 10 days is usually allowed for late arrival of Accounts Payable invoices and the completion of the Bank reconciliation.

1.Accounts Payable Close Out

   Allow 5 to 10 days for later arrival of invoices, then close the A/P, and
   no longer use the previous month as the Post Date.   Invoices arriving
   after the month end close must use the next month's post date.

   Note: Next month's invoices may be posted, even though the previous month is not closed.

_____  Vendor Account Inquiry  - use this to check Vendor Statements as they arrive
_____  Aged A/P Summary  Report  (use Month End Date)
_____  G/L Account Inquiry:
       Select Accounts Payable Account
       Period End Date = Month End
       Accumulate Prior Balance = Y
       Paging Screen = N, Summary.


Aged A/P Summary Report Total              ____________________

G/L Acct #_______ Balance on Screen        ____________________

                       Difference      ____________________

 

2.General Ledger Close Out

_____  All G/L Checks Posted
_____  All Misc and Standard Journals posted
_____  Banks Reconciled
_____  Trial Balance By Account# Range  for the month
       - check the following:
       _____ All Clearing Accounts checked for zero balances
       _____ Errors or unusual entries

_____  Summarize G/L For Financial Stmts
_____  Balance Sheet
_____  Income Statement


Optional:
_____  G/L Trial Balance  (comprehensive report should be done before compression)
_____  Compress General Ledger  Transactions for the month only
(Print the Trial Balance Detail for the month first, and never compress if the report is out of balance)
 

3.Roll-over Month End Dates for A/P and G/L

_____  Date Range Control
       Change date ranges for programs relating to Accounts Payable & General Ledger only
 

Topic Keyword: GS0903