Full Accounting End of Month Checklist

End of Month Checklist

All Users

1. Verify that all transactions for the month have been entered. If this is the end of the 12th month, complete as many unprocessed transactions (Delivery Tickets, loaded Blend Tickets, Purchase Receipts, etc.) as possible by invoicing them.
2. Accounting Checkup – Run this for all applicable areas of the program (G/L Accounts, Customers, Vendors, Inventory, Budget Billing.) The checkup reports are found in Accounting Reports. On the icon bar, use the red + icon to get to the Checkup reports.
   Run a detail report on any entity that is out of balance (Customer Statements for customers, Vendor Detail for vendors, Account Detail for G/L accounts, Inventory Detail for products, and Budget Billing Statements for budget billing.)
   Note: Running the G/L Accounting checkup daily is strongly recommended to find data concerns before the end of month.
3. Reconcile Credit Invoices – This utility, found at A/R / Reconcile Credit Invoices, can be used to automatically apply open credits on customer accounts to open Invoices.
4. Finance Charges (optional) – Post finance charges at A/R / Post Finance Charges.
5. Customer Statements – Run the statement style preferred (Balance Forward or Open Item) at Reports / Accounts Receivable / A/R Status / Statements, or the Combo Statement at Reports / Accounts Receivable / A/R Status.
6. Verify unprocessed Delivery or Blend Tickets – If Delivery Tickets and/or Blend Tickets are used, run the Delivered Product Analysis report found at Reports / Inventory / Inventory Status / Delivered Product Analysis to verify the inventory balances shown on the Company-Owned Inventory Statement (Step 8 shown below) are correct. It is recommended to run this report for Unprocessed tickets, with the Start date set back at least a year, sorted by Product. This report is also useful for verifying the validity of unprocessed tickets. Tickets that are not valid should be addressed accordingly.
   Note: Must be run prior to ending the month. This report cannot be recreated after posting for new month begins.
7. Verify unprocessed Purchase Receipts – If Purchase Receipts are used, run the Purchase Receipts report found at Reports / Inventory / Purchase / Purchase Receipts sorted by either Date or Product. This report substantiates the number in the Unprocessed Purchase Receipts column of the Company-Owned Inventory Statement report (Step 8 shown below). Verify validity of any unprocessed Purchase Receipts.
   Note: Must be run prior to ending the month. This report cannot be recreated after posting for new month begins.
8. Inventory Company-Owned Inventory Statement – This is found at Reports / Inventory / Inventory Status. Carefully verify product costs and quantities.
9. Make any product adjustments to correct Amount on Hand at the Inventory Adjustment screen. Costs can be edited by using the utility provided in Hub / Utilities / Edit Product Pricing. If quantity or cost adjustments are made, re-run the Inventory Company-Owned Inventory Statement.

Full Agvance Accounting Only

Companies using Agvance Front Office (A/R and Inventory modules only) should skip to the Archive Reports section of the checklist.

10. Post the value of inventory – This function compares the inventory asset account balances to the Inventory Company-Owned Statement. The Post Inventory to G/L function updates the inventory asset accounts to the current inventory department value.
    Note: If posting unprocessed Purchase Receipts as a part of the Post Inventory to G/L function, run the Unprocessed Purchase Receipts Valuation report found at Reports / Inventory / Purchase / Unprocessed Purchase Receipts Valuation, sorted by Dept/Prod. This report substantiates the amounts that are posted for the value of the unprocessed Purchase Receipts.
    Note: Must be run prior to ending the month. This report cannot be recreated after posting for new month begins.
11. Post the value of inventory (PM) departments – For Inventory Departments marked as Profit Margin departments, this function, found at G/L / Post Inventory (PM) to G/L, calculates and posts the value of the profit margin inventory departments to the inventory asset accounts. The Sales Analysis report (Reports / Accounts Receivable / Sales / Sales Analysis) can be used to show the cost of the products by selecting all the products in the Profit Margin Departments.
12. Move Prepay from A/R – This optional utility, found at G/L / Move Prepay from A/R, was designed to quickly move the dollar amount in customer Prepay from the Accounts Receivable general ledger account to a specified Customer Prepay general ledger account.
13. Checkbook Reconciliation [optional] – This is found at G/L / Checkbook Reconciliation.
    Important: When ending the 12th month, it is important to refresh checkbook reconciliation data prior to ending the month since the source file (general journal) will be purged. This is done by opening the Checkbook Reconciliation area and choosing Refresh.
14. Reconcile petty cash and/or bank card accounts [optional] – This is for those who maintain a petty cash account.

Archive Reports

These reports can be printed for future reference. Three of the reports listed below cannot be re-created after ending the month and entering activity for the new month. Those reports must be run prior to ending the month. If all the steps above proved out satisfactorily, any of the other archive reports can be run after ending the month. Another option is to preview the report then export to a file such as Word, Excel, or a PDF. These files can be saved to a folder that is backed up and archived for safe keeping.

15. Customer Current Balance – At Accounting Reports / Accounts Receivable / A/R Status / Customer Balances, select the Current Balances style.
16. Customer Aging – The overall total should equal the Customer Current Balance reports (Accounting Reports / Accounts Receivable / A/R Status / Customer Balances) using the Aged Balances style.
    Note: Must be run prior to ending the month. This report cannot be recreated after posting for the new month begins.
17. Payment Register – This should be run for the entire month (found at Accounting Reports / Accounts Receivable / A/R Status / Payment Register).
18. Sales Register – Run this for the entire month's Invoice range (found at Accounting Reports / Accounts Receivable / Sales / Sales Register).
19. Inventory Company-Owned if changed from the run above – Run this found at Accounting Reports / Inventory / Inventory Status / Inventory Statements choosing the Company-Owned style.
    Note: Must be run prior to ending the month. This report cannot be recreated after posting for the new month begins.

If using the Agvance Front Office version, skip to the next section.

20. Vendor Current Balances – Vendor current balances can be found at Accounting Reports / Accounts Payable / A/P Status / Vendor Balances
21. A/P Bill List – Run this filtered for Unpaid bills and sorted by Vendor (total should match the Vendor Balance report's Regular Balance total) found at Accounting Reports / Accounts Payable / A/P Status / Bill List
    Note: Must be run prior to ending the month. This report cannot be recreated after posting for the new month begins.
22. 1099 forms – If this is the end of December but not the end of the fiscal year, create the 1099 file before ending the month at Accounting / End of Periods / Print EOY Tax Forms / 1099’s.
23. General Ledger Trial Balance – Run this report found at Accounting Reports / General Ledger / G/L Reports / Trial Balance.
24. General Ledger Financial Reports – Both the Balance Sheet and Income Statement are found at Accounting Reports / General Ledger / Financial Reports.
25. General Ledger Account Detail – For all accounts, this is an audit report that should be complete by the end of the year. If it is run for the entire year, it takes a long time and a lot of paper, but the detail will be continuous for all accounts. It can optionally be run month by month. This is found at Accounting Reports / General Ledger / G/L Reports / Account Detail.
    Hint: For a less lengthy report, run this report with the Condensed Format option selected.
26. General Journal Listing – Run this for the current month found at Accounting Reports / General Ledger / G/L Reports / General Journal Listing.

End the Month

Everything up to this point has been in preparation for the ending of the month. The process is complete when the following section has been finished.

27. Backup the data – Make an on-demand image of the data at Hub / Utilities / Make Database Image. Backup that image, which will be found in the \LastImage folder inside the data folder. It is best to keep this backup until the end of year, therefore it is recommended to use a separate tape, zip disk, or external hard drive.
    Important: If the process of creating an image and backing up data is unclear, talk to an SSI Support team member. They can communicate information to your hardware dealer to help set up a month-end backup process.
28. End the Month – This is found at End of Periods / Fiscal Month. At least 5000 blank journal entries are required to be reserved in case there are adjusting journal entries to be made in this fiscal month. More than the 5000 entries may be reserved if necessary.
29. If this is also the end of fiscal year, the option to reserve journal entries is disabled because the number of entries that may be added into month 12 is unlimited.
30. Log back into the program and check the Month indicator at the bottom of the Accounting screen. It should reflect the new month.