Month-end procedures for Open Item customers in Receivables Management and in Project Accounting

Month-end procedures for Open Item customers in Receivables Management and in Project Accounting

1. Post all transactions for the month.

2. Make a backup.

3. Print the Unapplied Documents report (Reports - Sales - Analysis - Unapplied Documents). Review the report, and determine if any documents need to be applied.

4. Run an aging under Routines - Sales - Aging.

5. Run an Aging WIP report for Project (Routines - Project - Aging WIP). This report will show items that need to be billed out.

6. Assess Finance Charges under Routines - Sales - Finance Charge.

7. Post the Finance Charge batches under Transactions - Sales - Series Post.

8. Print Statements under Routines - Sales - Statements.

9. Transfer Commissions under Routines - Sales - Transfer Commissions.

10. Write off any outstanding credit or debit amount balances by using the Write Off Documents window under Routines - Sales - Write Off Documents.

11. Remove fully paid transactions under Routines - Sales - Paid Transaction Removal.

12. Run Paid Transaction Removal for Project. Routines – Project – Paid Trx. Removal.

13. Reconcile the General Ledger Accounts to the Receivables module using the Historical Aged Trial Balance report (Reports - Sales - Trial Balance - Historical Aged Trial Balance).

14. (Optional). Print month end reports such as the Receivables Transactions report (Reports - Sales - Analysis - Receivables Transactions), the Period Sales Analysis report (Reports - Sales - Analysis - Period Sales Analysis), and the Tax Period Report (Reports - Company - Taxes - Tax Period Reports).

15. (Optional). Close the fiscal periods for the Sales Series by using the Fiscal Period Setup window (Setup - Company - Fiscal Periods).

Additional Resources:
Knowledge Base Article 857019 - Month End Procedures for Balance Forward Customers

This article was TechKnowledge Document ID: 26133