August 16, 2010                                                                                                                                                

Month End Procedures in Receivables, Payables, & BankRec

Overview:

Many of you, particularly those that have come from ACCPAC Plus, will find this information familiar but it is always worth reviewing.

I want to bring to your attention that BankRec’s Period End function is different. Enough that some clients have been confused by how the date works, resulting in the loss of all reconciliation history.

Month end procedures:

Receivables:

·         If necessary, create an interest invoice batch and post.

·         If necessary, create a write-off adjustment batch and post.

·         Print statements/letters.

·         Print required reports.

·         Reconcile the Receivables sub-ledger to Ledger. You must use the ‘Aged Trial Balance’ report and select the option to ‘Calculate as of’ the period end date.

·         Backup data.

What happens when running period end:

·         Period-to-date statistics are reset to zero.

·         Completed transactions are moved to Customer Historical Transactions

·         If used, completed retainage invoices are cleared.

·         Optionally, you may clear the batch status information (we do not recommend this).

·         Optionally, you may clear the Customer history up to a specified date.

The ‘Transaction clearing date’ should be set to the month end date. The ‘Clear customer history up to mm/dd/yyyy’ is determined by the Company Profile setting “Keep transaction history for XXX days”.

Payables:

·         If necessary, create a recurring invoice batch and post.

·         Print required reports.

·         Reconcile the Payables sub-ledger to Ledger. You must use the ‘Open Payables report and set the ‘Calculate balance as of’ the period end date.

·         Backup data.

What happens when running period end:

·         Period-to-date statistics are reset to zero.

·         Completed transactions are moved to Customer Historical Transactions

·         If used, completed retainage invoices are cleared.

·         Optionally, you may clear the batch status information (we do not recommend this).

·         Optionally, you may clear the Vendor history up to a specified date.

The ‘Transaction clearing date’ should be set to the month end date. The ‘Delete history transactions dated mm/dd/yyyy and older’ is determined by the Company Profile setting “Keep transaction history for XXX days”.

BankRec:

·         Reconcile the ‘Bank’s Statement of account’ to BankRec.

·         Print required reports.

·         Backup data.

What happens when running period end:

·         Reconciliation data will be purged to the date entered.

Unlike Receivables and Payables you do not enter the Period End date. The ‘Date’ is determined by subtracting the “Days to keep history for – XXX days” from the current date. We do not recommend changing this to a more current date as this may result in the undesired loss of reconciliation data. If you normally want to keep 730 days of history and you are completing the 07/31/2010 month end then it would be appropriate to change this date to 07/31/2008.

Summary:

This document is intended to be an overview of the month end procedures in the applicable Adagio modules and has been provided as a courtesy to our clients.

This document is not intended to provide comprehensive advice, nor step by step instructions, on month end procedures as they apply to your organization.

If you have any questions regarding this document please email your questions to support@accsyssolutions.com. If you require assistance with your specific month end procedures, please feel free to contact us. All requests for assistance will be subject to our regular support fees and guidelines.

Please make a backup of your data before making any changes.

Copyright 2010 by AccSys Solutions Inc.

 

Copyright AccSys Solutions Inc 2010