Happy Month End - 27 Steps
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    Happy Month End - 27 Steps

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    Article Summary

    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 Process all inter bank transfers

    Step 6  Reconcile inter company balances

    Step 7 Complete the bank reconciliation

    Step 8 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 9 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 10 Start WIP process - do a GL Verification

    Step 10a 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 10b Complete WIP & Accruals “confirmation” (i.e. review) process. Request input from account managers.

    Step 10c 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 10d  Reprint the WIP&A Unconfirmed Jobs Report to ensure there are no unconfirmed jobs

    Step 10e 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 10f 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 10g 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 10h 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 10i When completely satisfied, click on “Apply to General Ledger “ which will post these WIP journal entries.

    Step 11 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).

    Step 12 Under the Ledger menu, run GL Verification

    Step 13 Under the Ledger menu, run Reconciliation Test

    Step 14 Reconcile Aged Payables (future periods suppressed) with Trade Creditors in the General Ledger. (you can either create a PDF or print)

    Step 15 Reconcile Aged Receivables (future periods suppressed) with Trade Debtors in the General Ledger. (you can either create a PDF or print)

    Step 16

    • 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 17 Summary Trial Balance

    Step 18 Financial Statements: Profit and Loss Report Current Period

    Step 19 Financial Statements: Balance Sheet (YTD and current period are the same)

    Step 20 Multi-column Financial Statements: Profit and Loss Statement

    Step 21 Multi-column Financial Statements: Profit and Loss Statement including budgeting and forecasts for rest of year.

    Step 22 Print Client Statements if require. (these can be printed later)

    Step 23 Do a back up (month end rollover) of your data base. Please refer to Backup instructions and R

    Step 24 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 26 Proceed with Rollover process instructions into the new period.

    Step 27 Log out of JobBag and log back in to make sure that the Roll-Over was successful.

    New more help? 

    Please contact support call 02 8115 8090 or email support@jobbag.com

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