Month End Procedures for Rental Management

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

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

2.Balancing the Accounts Receivable

_____  Aged A/R Summary
_____  G/L Account Inquiry:
       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 #________  Customer Refunds Owing
_____  Acct #________  Suspense
_____  Acct #________  ____________________________
_____  Acct #________  ____________________________
_____  Acct #________  ____________________________
 

4.Balancing Customer Deposits

_____  O/S Deposits Report

_____  G/L Account Inquiry:
       Select Customer Deposits Account
       Period End Date = Month End
       Accumulate Prior Balance = Y
       Paging Screen = N, Summary.

   G/L Acct #_______ Balance on Screen ____________________

   Outstanding Deposits Report Total   ____________________

                       Difference      ____________________

 

5.Rental Equipment Sold

_____  Allocate Bulk Disposals
_____  Daily Close 3  to post bulk disposals
_____  Disposal Transactions Report  - for current month

 

6.Balancing Equipment Inventory Value and Depreciation Edit

   - monthly or yearly

_____  Bulk Disposals completed first - see step 5 above

_____  Check that all Warehouse Receiving and A/P Invoices have been entered

_____  Verify Tag Qty = Loc Qty - this checks that all items have a Fixed Asset Tag.
 Items that appear on the report need correcting in Rental Inventory
_____  New Acquisitions Report - for current month only
       Sort by Depreciation Class = Yes - confirm that new items are in the correct class

_____  Inventory Value Report - confirm that the report totals
       balance to the General Ledger Accounts for Rental Inventory

_____  Depreciation  Run - Sort by Depreciation Class
       "Report Printed Ok " - NO for the Edit,  YES for final run

_____  Miscellaneous G/L Journals & Post Miscellaneous G/L Journals
       to post Depreciation

 

7.Commissions

       - Bulk Disposals completed first - see Step 5
       - pick one of the following:

_____  Salesman Commission Report
_____  Commission Report By Payment


_____  Salesman Detail Report
_____  Salesman Summary Report

 

8.Accrual for Unbilled Revenue

_____  Unbilled Revenue Report
_____  Miscellaneous G/L Journals and Post Miscellaneous G/L Journals
       to post Accrual of Unbilled Revenue

 

9.Optional Management Reports

_____  Inventory Value Reports

_____  Missed Rentals Report

_____  Rental Utilization Reports

_____  Gross Margin Analysis Report

_____  Equipment Financial Utilization
_____  Equipment Summary Report

_____  Taxable/Nontaxable Invoice Report  - for U.S. sales tax preparation



 

10.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  Summary for the month
       - check the following:
       _____ All Clearing Accounts checked for zero balances
       _____ Errors or unusual entries

_____  Summarize G/L For Financial Statements
_____  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: GS1003