Steps for a Happy Month End

Completing your month-end process in the correct order will save time, avoid errors, and ensure your financials are accurate. This guide walks you through every step to properly close the month in JobBag.

Before You Begin

• If you deal with foreign currencies, make sure to download the currency rates on the last day of the month. These rates are essential for accurate end-of-month currency revaluation.
• Ensure your team is aware of the deadlines, and Account Managers have reviewed all relevant jobs for accuracy.

Step-by-Step Month-End Checklist

🔁 1. Prepare All Transactions

• Enter all supplier invoices.
• Finalise and log all client invoices.
• Record all payments and receipts made during the month.
• Process any inter-bank transfers.
• Reconcile inter-company balances.

🧾 2. Perform Bank Reconciliation

• Complete your bank reconciliation for all accounts.

📋 3. Review Jobs and Purchase Orders

• List all jobs with a status of "Complete" and update them to "Dead" if applicable.

  Review outstanding purchase orders:

  • Confirm if they should remain active or be closed.
  • Only Approved POs are considered in WIP.

📦 4. Work In Progress (WIP) & Accruals

• Run GL Verification.

• Print WIP & Accruals – Unconfirmed Jobs Report.

  Confirm jobs in the WIP & Accruals window.

  Reprint the report to ensure all jobs are confirmed.

  Click Apply to GL to post journals. This can be repeated as needed.

  Review:

  • WIP & Accruals Report
  • WIP Detailed Transaction Report
  • Income Analysis by Jobs

💱 5. Foreign Currency Revaluation (if applicable)

• Verify end-of-month exchange rates for each currency.
• Go to Ledger > Restate General Ledger to revalue balance sheet items.

🧮 6. Reconciliations & Verification

• Run GL Verification and Reconciliation Test under the Ledger menu.

  Reconcile:

  • Aged Payable with Trade Creditors.
  • Aged Receivables with Trade Debtors.

🧾 7. Review ATO & Payroll Reports

• Check the following reports for reasonableness:
  • GST Detailed Report
  • PAYG Reports (for employees and talent)
  • Superannuation Liability Reports

📊 8. Final Financial Reports

• Generate the following reports:
  • Summary Trial Balance
  • Profit and Loss (Current Period)
  • Balance Sheet (YTD & Current Period)
  • Multi-column P&L with Budgets and Forecasts

📤 9. Final Steps

• Print Client Statements if required.
• Perform a full database backup (see Backup Instructions).
• Log all users out: File > Administration > Users maintenance > Online > Disconnect Users.
• Proceed with Rollover Process into the new month.
• Log out and log back in to confirm a successful rollover.

✅ You're Done!