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This is a general checklist, please see individual module “Monthly Balancing” documents for step-by-step instructions.
INVENTORY - MONTH END CHECK LIST:
Note: the following procedures for Inventory NEED to be done at the end of the last day of the month, or at the beginning of the first day of the new month.
End-of-the-Month Status printed?_____________ (from Task 10, Sub-task 2)
Calculate Inventory Value-on screen?__________________(from Task 32, Sub-task 9 – can also be printed)
Warehouse MTD/YTD fields cleared?__________________(from Task 32, Sub-task 1)
Warehouse End-of-month Qty/Cost set?_________________(from Task 32, Sub-task 4)
Item-Monthly History Files built?______________________(from Task 32, Sub-task 13)
A/P END OF MONTH CHECK LIST:
Check Register _________________(for any pre-paid vouchers; from Vch Payment Prep-Task 25, Pay Selected Vchs-Sub-task4)
Last Month's A/P + ___________________ (last month’s ending balance)
Voucher Postings + ___________________(total of current month Voucher Postings)
Check Registers - ____________________(total of current month Check Registers)
Total = ____________________________ (new month ending balance)
Aged Trial Balance printed? ____________(from Task 9)
Voucher History report printed? _________(from Task 19)
Expense Distribution report printed?______(from Task 11)
S/M, Build Vendor History done?________(from System Mgt. Functions-Task 32, Sub-task4)
Vendor History report printed?__________(from Task 18)
S/M, Clear Paid Vouchers done?_________(from System Mgt. Functions-Task 32, Sub-task 7)
· RECOMMENDED:
o If closing November 20xx, use a cut-off date of the PREVIOUS month (i.e. September 20xx)
o If you prefer to keep data for 2 years, the cutoff date would be the last day of the fiscal year two years ago. REASON: if a check needs to be voided and the voucher has already been cleared, you will get the system message stating the voucher is not in A/P Open Item, and the voucher must be there in order to void the check and mark the voucher available for payment (or other action) again.
Checking Account (Optional)____________ (from Task 20)
Cash Requirement (Optional)____________ (from Task 10)
Future Cash Req. (Optional)_____________(from Task 12)
From the Purchasing Module - #7
Received Items (Not Invoiced) done?______(from Task 22)
Post Closed and Completed PO's done?_____(from PO Entry & Editing-Task 1, Sub-task 5)
AR END OF THE MONTH CHECK LIST: for more complete instructions, please see the document titled: AR End of the Month Checklist found in the AR section in the Month-End / Year-End portion on the website.
Last Month's A/R + _________ (last month’s ending balance)
Sales Postings + ____________ (total of current month Sales Posting registers)
Cash Postings - _____________ (total of current month Cash Receipts Posting registers)
Total = ___________________ (new month ending balance, which should equal next item on list - Display A/R Total)
Display A/R Total =_________ (from System Mgt. Functions-Task 32, Sub-task 1)
Aged Trial Balance done? ____ (from Task 9)
Statements printed? _________ ( from Task 12)
Clear Paid Invoices? ________ (from System Mgt. Functions-Task 32, Sub-task 4) (Before Statements ?)________
Sales History report printed? _____ (from Task 19)
Cash History report printed? _____ (from Task 20)
Distribution History report printed (Optional)? _____ (from Task 21)
Sales Analysis reports printed (Optional)? ____ (from Task 10)
NOTE: Run the Open Order Listing (from Order Processing, Task 9 - choose report that works best for your company) before closing to ensure that everything has been invoiced that should be invoiced for the month.
GENERAL LEDGER MONTH END CHECK LIST:
Any recurring and/or manual entries need to be made?_____________________________(from Task 1)
Manual and Interfaced transactions posted?________________________(from Task 2)
Trial Balance report printed?____________________________________(from Task 9)
Financial Statements printed?___________________________________(from Task 10)