Month End Procedures for Accounting

To be Completed on the last Working Day of the Month All Daily and Weekly activities to be completed first.

1. Accounts Receivable Finance Charges and Statements

   _____  Calculate Finance Charges
   _____  Post Finance Charges
   _____  Fax Statements  (if applicable)
   _____  Customer Statements
   

2. Balancing the Accounts Receivable

   _____  Aged A/R Summary
   _____  Inquiry By Account#:
          Select A/R Account
          Period End Date = Month End
          Accumulate Prior Balance = Y
          Paging Screen = N,   Summary.
   
      Aged A/R Summary Report Total       ____________________
   
      G/L Acct #_______ Balance on Screen ____________________
   
                          Difference      ____________________
   
   

3. Clearing Accounts to have Month End Balance = Zero

   _____  Acct #________  Cash Clearing
   _____  Acct #________  Suspense
   _____  Acct #________  ____________________________
   _____  Acct #________  ____________________________
   
   

4. Roll-over Month End Dates

   _____  Month End Date Range Roll-Over
          Roll over all dates except programs relating to Accounts Payable & General Ledger functions.
   
   

According to your company requirements, select 5 to 10 days after month end to finalize the month's activities. Between 5 and 10 days is usually allowed for late arrival of Accounts Payable invoices and the completion of the Bank reconciliation.

1. Accounts Payable Close Out

      Allow 5 to 10 days for later arrival of invoices, then close the A/P, and
      no longer use the previous month as the Post Date.   Invoices arriving
      after the month end close must use the next month's post date.
   
      Note: Next month's invoices may be posted, even though the previous month is not closed.
   
   _____  Vendor Account Inquiry  - use this to check Vendor Statements as they arrive
   _____  Aged A/P Summary  Report  (use Month End Date)
   _____  G/L Account Inquiry:
          Select Accounts Payable Account
          Period End Date = Month End
          Accumulate Prior Balance = Y
          Paging Screen = N, Summary.
   
   
   Aged A/P Summary Report Total              ____________________
   
   G/L Acct #_______ Balance on Screen        ____________________
   
                          Difference      ____________________
   
   

2. General Ledger Close Out

   _____  All G/L Checks Posted
   _____  All Misc and Standard Journals posted
   _____  Banks Reconciled
   _____  Trial Balance By Account# Range  for the month
          - check the following:
          _____ All Clearing Accounts checked for zero balances
          _____ Errors or unusual entries
   
   _____  Summarize G/L For Financial Stmts
   _____  Balance Sheet
   _____  Income Statement
   
   
   Optional:
   _____  G/L Trial Balance  (comprehensive report should be done before compression)
   _____  Compress General Ledger  Transactions for the month only
   (Print the Trial Balance Detail for the month first, and never compress if the report is out of balance)
   

3. Roll-over Month End Dates for A/P and G/L

   _____  Date Range Control
          Change date ranges for programs relating to Accounts Payable & General Ledger only