Steps to Follow For Month End Closing (CheckList)
End of Month Closing Checklist
This checklist includes all month-end reports, both mandatory and optional. Please review the optional reports to decide which ones you need to print. ASICS recommends you print ALL reports that you feel you MAY need in the future. After closing the month, these reports will no longer be available. Mark each optional report you wish to print, then use this checklist as a guide each month. Make copies of the Checklist and check off each option as it is completed in case you are interrupted during the month-end processing.
· Be sure that the work for this month is finished. Run Daily System Checks and Balances, taking the necessary steps to put the system back in balance if the report shows that A/R, A/P, Commission or G/L are out of balance. Remember, this should have been run and balanced daily, don't wait until month-end to find out if you are in balance or not.
· Do not let the machine date go into the next month until you have finished closing Order/Billing, Cash Sales, Receivables/Customer, Salesperson, A/R, Inventory and Payables/Vendor. Make sure that all Order Entry and Invoice Entry Journals have been printed.
· Complete Pre-Closing backup. Never start your closing without backing up your data first. Set machine date to the last day of the month. This is very important and controls which month G/L is updated. You MUST keep the date at 12/31/YR until ALL December work is finished and the month is closed. You MUST then close the Calendar Year before starting January's work. December's G/L must be closed before the end of January.
Checklist
Main Menu - Closing/Clearing - Reporting
___Daily Transaction Listing (REQ)
___Daily System Checks and Balances (REQ)
Order / Billing Month-End
___Monthly Booked Orders (REQ) Run twice, by order number and by salesperson
___Monthly Billed Orders (REQ) Run twice, by invoice number and by salesperson
___Order Costing
___Product Code Summary
___Source Code Summary
___Credit Memo
___Booked/Billed Orders Comparison
___Month-End Update/Clear (REQ)
___Clear Deleted or Billed Orders
___Clear Order Costing Information
Cash Sales Month-End
___Monthly Cash Sales Summary
___Clear Deleted or Printed Cash Sales
Receivables/Customer Month-End
___Finance Charge Calculation
___Aging (REQ)
___Customer Statements
___Customer Sales
___ (Fulfillment and ProfitPro only) Sales By Ship To Code
___Cash Basis Sales Tax Report Only Options
___Detailed Invs Pd in Full
___Detailed Invs Not Pd in Full - CB
___Cash Basis Sales Tax Summary
___Cash Basis Accounting Options
___Detailed Invs Paid in Full - CB
___Detail Invs Not Paid in Full - CB
___Cash Basis Sales Tax Summary
___Sales Tax – Accrual (REQ)
___Customer Open Invoices
___Customer History
___Month-End Update/Clear (REQ)
___Clear Sales Tax Detail
___Delete Customer History
Salesperson Month-End
Note: If you do not pay commissions, only the (REQ) options below must be run. If you do pay commissions, run only those reports for your commission type(s).
___Update Commission/Journal (REQ)
___Open Commission
___Paid in Full Open Commission
___Unbilled Orders - Salesperson Paid on Booked
___Unbilled Orders - Salesperson Paid on Billed
___Salesperson Paid on Paid - Billed - Not Paid by Customer
___Booked/Billed Order/Commission Comparison
___Salesperson Master Information
___Month-End Update/Clear (REQ)
Payables / Vendor Month-End
___Cash Req/Aging (REQ)
___Cash Req/Aging Summary (View)
___Purchases Comparison
___Monthly Payments (REQ)
___Rebates
___Vendor Tax Information
___Vendor Open Invoices
___Vendor History
___Month-End Update/Clear (REQ)
___Delete Vendor History
Inventory Month-End - ProfitMaker
If you have Fulfillment - skip to the next section
Note: Even if you do not have inventory, you MUST run the Inventory Month-End Update/Clear Processing (REQ) Option. (This affects the Company Management Report, indicating the entire month was closed).
___Inventory Valuation (REQ)
___Costing/Sales
___Item Movement Detail
___Purchase Order History
___Month-End Update/Clear (REQ)
___Delete Purchase Order History
___Delete Completed Purchase Orders
Inventory Month-End for ProfitMaker with Fulfillment or Manufacturing
___Inventory Valuation (REQ)
___Inventory Balancing
___Costing/Sales
___Shipping Log
___Inventory On Hand Balance
___Inventory Status
___Item/Component Activity Summary
___Item Movement Detail
___Purchase Order History
___General Ledger Activity
___Monthly Usage Update
___Month-End Update/Clear (REQ)
___Delete Purchase Order History
___Delete Complete Purchase Orders
___Delete Adjustments File
___Delete Shipping Log
___Delete Inventory G/L Activity
Quotes Clearing
___Void Open Quotes Past Due Date
___Clear Completed Quotes
Reorganize Files
___Reorganize Files
Please read below if you are closing December
If this is the end of December, you MUST run Calendar Year-End Closing BEFORE you do any work in January, BEFORE you change the machine date to January and BEFORE you close the G/L for the Month. Refer to the Calendar Year-End Checklist.
General G/L Month-End Closing
The G/L may remain open until you have finished Bank Reconciliation, but must be closed before the end of the following month. You must have closed Order/Billing, Cash Sales, Receivables/Customer, Salesperson, Payables/Vendor, Inventory and Quotes for the current month and Reorganize all files before you close G/L for the current month.
Review the optional reports with your accountant to determine which reports to process. Remember that once the general ledger is closed for the month the detail is deleted from the system. A special program is available to save detail for each fiscal year. If you would like to use this program, please call Software Support.
Note: Always backup your data before closing your General Ledger.
___Daily G/L Transaction
___Daily System Checks and Balances - Verify that the G/L is in balance.
Note: The first three reports listed, Canceled Checks, Outstanding Checks and Deposits can also be printed in Bank Reconciliation Updating.
___Bank Reconciliation Updating
Cancel Checks
Reports
Canceled Checks
Outstanding Checks
Deposits
Deposits in transit
Receipts not recorded
Bank service charge
Auto deductions
Adjustments
Edit" Enter Bank Statement balance. Click "Ok Finish" when balanced
___A/P G/L Distribution Report
___Journal Entries
___Daily G/L Transaction
___G/L Detail by Reference
___Trial Balance
___Profit and Loss Statement
___Balance Sheet
___PM G/L YEAR (versions 7.642 or prior)
___Month-End/Fiscal Yr Clearing
___Clear A/P G/L Distribution