Difference between revisions of "Month-End Process"
(Created page with "Category:Accounting (Other Processes <table class="infobox" cellspacing="5" style="background-color: #FFFFFF; width:27em; text-align:left; border-spacing: 2px; line-height...")
Revision as of 21:00, 2 December 2019
|Newton User Guide: Accounting (Other Processes)|
The steps below outline the month-end process to create any monthly payable transactions, close the month to prevent modification or entry of accounting transactions in the period, running month-end reports, and verifying month-end totals.
Before you begin
Access to close the accounting month requires the current operator to have Security System: GL -> Open/Close Month -> View access. Access to Automatic Reports requires the current operator to have Security System: Other -> Automatic Reports -> View access.
See: Security System for more information.
Prior to closing the month, verify all accounting entries have been entered:
- Client payments
- Commission Statement Downloads
- Journal transactions
- Vouchers for expenses and payroll
Close the Accounting Month
- Select Accounting -> Open/Close Month.
- Verify the Date has the correct Month and Year. (Select Prev to step back to the previous month, if the new month has already started).
- Select Close Month to close all days in the select month.
- Each day will be closed, and the Status changed to a C. If the system returns that the month is out of balance, click here.
- Select Exit.
See: Open or Close Month (GL) for more information.
Using Automatic Reports can query multiple reports for batch processing, or save the selected reports as individual .PDF files. The Monthly Reports will go through the end of the selected month.
- Select Reports -> Automatic Reports. (Optionally, select the button within the Management Tab toolbar).
- Enter the Run Reports As Of date which is the last day of the closed month. (Optionally, use the Last Month or This Month to select month).
- Select the Monthly Reports.
- It is recommended that all Monthly Reports be selected. More information for each report can be found here.
- Select Export to save selected reports as .PDF files in a user-defined location, organized by the selected date. (Optionally, select Print to send selected reports to the printer).
See: Automatic Reports for more information.
Review Month-End Reports
Reviewing the month-end reports is recommended to make sure the General Ledger is in balance. (Optionally, download the Month-end Report Worksheet (MonthEndWS.pdf) and enter values from the printed Monthly Automatic Reports to verify that the balances).
- Balance Sheet: The Total Assets should equal the Total Liability & Capital.
- Income & Expense: The Profit or Loss should match the Balance Sheet 2318 Profit or Loss amount.
- Trial Balance: The debits should equal the credits. (The Trial Balance report shows only the net change and does not tie to the Balance Sheet).
- Client Aging Receivables Report: The Report Total in the Amount column should match the Balance Sheet 1120 Accounts Receivable amount.
- Company Aging Receivables Report: The Report Total in the Amount column should match the Balance Sheet 1130 Acct. Receivable Company amount.
- Company Statement: The Company Payable Total should match the Balance Sheet 2110 Company Payable amount.
- Producer Statement: The Producer Payable Amt should match the Balance Sheet 2120 Company Payable amount.