Month-End Procedures

  1. Reconcile the bank statement. If the Cash Management module is present, perform Bank Reconciliation Entry instead. See Cash Management Help for details. If the Cash Management module is not present, perform the following step:
  2. Print the G/L Trial Balance Report in Detail. It is not necessary to print this for all G/L accounts; print the trial balance only for the Accounts Payable and Retention accounts.
  3. Accounts Payable Checks:

    • From the bank statement, enter cleared checks in Check Recon Data Entry (by Check).

    • Print the Accounts Payable Check Recon File Listing for Reconciled checks. Compare this listing with the bank statement. Make any corrections necessary and reprint.

  4. Payroll Checks: (if Payroll checks are issued from this bank account)

    • From the bank statement, enter cleared checks in Check Recon Data Entry.

    • Print the Check Recon File Listing for Reconciled checks. Compare this listing with the bank statement. Make any corrections necessary and reprint.

  5. Summarize Outstanding Checks:

    • Add the totals from the two Check Recon File Listing reports. This grand total should equal the cleared check total on the bank statement. Once correct totals have been obtained, these reports should be disposed of. Do not proceed until reconciled totals agree.

    • Print the Accounts Payable Check Recon File Listing for Outstanding checks. Highlight the total.

    • Print the Payroll Check Recon File Listing for Outstanding checks. Highlight the total.

  6. Deposits & Adjustments:

    • Make journal entries for all fees and adjustments included on the bank statement which do not display on the G/L Trial Balance Report. Print the Journal Entry Activity Report and update.

    • Reprint the G/L Trial Balance Report and dispose of the previous report. Highlight the "ending balance" on the new G/L Trial Balance Report.

    • Confirm that all updates have been completed:

      • A/P Transaction Register Update

      • Manual Check Register Update

      • Void Check Register Update

      • Check Register Update

      • Payments G/L Detail Report Update

  7. Reconciliation:

    • In Check Recon File Maintenance, enter all deposits and adjustments that display on the G/L Trial Balance Report but are not included on the bank statement.

    • Print the Check Recon File Listing for Adjustments and Deposits. Highlight the total.

    • Use the Check Reconciliation Worksheet (shown in the Accounts Payable Issues chapter) to reconcile the General Ledger with the bank statement.

    • Purge reconciled checks using the Check Recon File Purge. Note that check history is retained.

  8. Verify Balances:

    • Display the Accounts Payable Trial Balance report for type (E)xceptions. Confirm that there are no exceptions.

    • Compare Accounts Payable and General Ledger Balances; review for unposted transactions and confirm that the current total in A/P equals the total of the A/P accounts in the General Ledger:

    $______________________balance in account # _______________________

    $______________________balance in account # _______________________

    $______________________balance in account # _______________________

  9. Print and retain reports:

    • Aged Payables Report – recommended

    • A/P G/L Distribution Report – optional

    • Check Register History Report – optional

    • Subcontract Detail Payment Report – optional

    • Subcontract Analysis Report – optional

    • Subcontract Status Report – optional

    • Check Reconciliation File Listing (open) – optional

  10. Change Processing Dates

    • Admin > Processing Date Change - Change the processing dates to reflect the new period.