End of Month Process

End of Month Processes: 24 Steps

Please complete the month-end process in the following sequence - it will save a lot of tears and heartache later.

If you use foreign currency, please download the foreign currency rates on the last day of the month. These will be used to calculate the real value of foreign currency values at the end of the month.

Please complete your bank reconciliation and then do a “soft roll”

Step 1 All supplier invoices entered

Step 2 All client invoices completed and logged. Account Managers to review jobs and ensure all costs and client invoices are up to date.

Step 3 All payments made for the month have been entered

Step 4 All receipts for the month have been entered

Step 5 Complete the bank reconciliation

Step 6 Make a list of jobs with “complete” status and change status to 'Dead'. This process will highlight jobs which have outstanding purchase orders. Review these outstanding purchase orders - should they be made complete or cancelled if all external costs have been received.

Step 7 Review outstanding Purchase Order List - and follow up all old outstanding POs. Only Approved Purchase Orders are included in the WIP decisions. Raised Purchase Orders are ignored.

Step 8 Start WIP process - do a GL Verification

Step 8a Do a Soft Roll (i.e. set the default entry period, in Period History, to next month, to ensure that any further entries go into the future period.

Step 8b Complete WIP & Accruals “confirmation” (i.e. review) process. Request input from account managers.

Step 8c Print WIP&A Unconfirmed Jobs Report -this lists the jobs which require “confirmation”. Go back to the WIP & Accruals window and confirm these jobs.

Step 8d Reprint the WIP&A Unconfirmed Jobs Report to ensure there are no unconfirmed jobs

Step 8e Immediately (not a few days later) click on ”Apply to GL”. This process creates the journals and posts to the general ledger. This process may be repeated as many times as you require until you are satisfied with the figures.

Step 8f Print WIP Accruals Report and review it for reasonableness, i.e. do the figures look reasonable for WIP, Accruals and Pre-billings. investigate any large transactions.

Step 8g Print WIP Detailed Transaction Report - and review it - this report lists all the transactions (for each job) created by the “WIP Confirmation”. Investigate any exceptional amounts

Step 8h Review the Income Analysis Reports - the Income Analysis by Jobs lists the gross profit for each job for the month - a good report to review for exceptions.

Step 8i When completely satisfied, click on “Apply to General Ledger “ which will post these WIP journal entries.

Step 9 If you use foreign currencies, check you have the correct rate for each currency set for the end of the month - JobBag will use the rate to revalue any foreign currency values in the balance sheet that need restating. In the Ledger menu, select “Restate General Ledger” and process the month end revaluation of foreign currency values in the Balance Sheet (e.g. debtors, creditors, GST and bank accounts). Restate General Ledger WIP

Step 10 Under the Ledger menu, run GL Verification

Step 11 Under the Ledger menu, run Reconciliation Test

Step 12 Reconcile Aged Payables (future periods suppressed) with Trade Creditors in the General Ledger. (you can either create a PDF or print)

Step 13 Reconcile Aged Receivables (future periods suppressed) with Trade Debtors in the General Ledger. (you can either create a PDF or print)

Step 14 Review Reports

• Review reports for ATO transactions:
• GST detailed report for reasonableness - this is important because if the GST for any supplier or client invoices are coded incorrectly - it needs to be fixed before roll-over so it is reported correctly in the GST reports.
• PAYG reports (employee and Talent)
• Super Liability Reports (employee and Talent)

Under Reports menu choose Financial Reporting - either create a PDF or print.

Step 15 Summary Trial Balance

Step 16 Financial Statements: Profit and Loss Report Current Period

Step 17 Financial Statements: Balance Sheet (YTD and current period are the same)

Step 18 Multi-column Financial Statements: Profit and Loss Statement

Step 19 Multi-column Financial Statements: Profit and Loss Statement including budgeting and forecasts for rest of year

Step 20 Print Client statements if required (these can be printed later)

Step 21 Do a backup (month end rollover) of your database. Please refer to Backup and Rollover Process

Step 22 Quit all users out of the system - File/Administration/Users - select “online icon” and send either warning or “log users out of the system.

Step 23 Proceed with Rollover process instructions into the new period.

Step 24 Log out of JobBag and log back in to make sure that the Roll-Over was successful.