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What is the procedure and reports I require for Month End?

Reports Used During Month End

 

Sales Ledger

  • Monthly Sales Daybook Listing
  • Aged Debt (End of Month)
  • Monthly Gross Margin – By Rep – Invoiced
  • Monthly Gross Margin – Summary – Invoiced

 

Purchasing Ledger

  • Monthly Purchase Daybook Listing
  • Aged Creditors (End of Month)

 

Nominal Ledger

  • Profit & Loss – Budgets
  • Balance Sheet
  • Nominal History Summary
  • Trial Balance

 

Procedure

 

Sales Ledger

Make Sure all transactions are posted for the period of the month.

You are able to check the period by going into ‘Setup’ and then ‘Periods’

 

  1. Run the Monthly Sales Daybook Listing report
  2. Check the totals on the final page
  3. Open the Nominal Ledger, this is found on the ‘Nominal’ section.
  4. Highlight the Debtors Control A/C (1100). Check the Debtors Movement for period against the report.
  5. Highlight the VAT Sales Control A/C (2400). Check the VAT for the period against the report total.
  6. Highlight the Sales Heading (5). You will need to validate the sales for period against the Goods Total. As other transactions Sales Invoices and Credits may be posted to the Sales nominal’s it generally necessary to check all entries posted to these nominals. Run the Nominal History Summary report which provides a total for each transaction against all nominals.

 

Aged Debt Report

  1. Run the Aged Debtors (End of Month) report from the Sales Ledger
  2. This report only includes posted transactions in order to balance the Trader Card balance and the Debtors Control A/C.
  3. This report has an additional column, ‘Difference’. This column highlights the discrepancies between the Trader Balance and the Balance on the Debtors Report. These are usually caused by un-posted entries such as Credits or Receipts being allocated to the posted invoices.

 

Sales Rep Report

Run the ‘Monthly Gross Margin – Summary – Invoiced’ report for the correct period. The Sales Rep reports work in a similar way to the accounting reports, but use the ‘Age’ function for simplicity, where 0 is this month, 1 is last month and so on. The Sales reports also allow invoices to be included whether posted or not, so it is important to make sure all transactions are posted for the period when checking totals against the accounts Sales Daybook report.

 

Purchase Ledger

Make sure all purchase transactions are posted for the period.

  1. Run the ‘Monthly Purchase Daybook Listing’ report
  2. Check the totals on the final page
  3. Open the Nominal Ledger, this is found on the ‘Nominal’ section.
  4. Highlight the Creditors Control A/C (2100). Check the Debtors Movement for the period against the report.
  5. Highlight the VAT Purchase Control A/C (2410). Check the VAT for the period against the report total.
  6. It is not practical to validate the Purchasing Heading (6) as purchase transactions are posted to Cost of Sales. Overheads and various Balance Sheet accounts. The ‘Nominal History Summary’ report which provides a total for each transaction against all nominals may help.

 

Aged Creditors Report

  1. Run the ‘Aged Creditors (End of Month)’ report.
  2. This report only includes Posted transactions in order to balance with the Trader Card balance and the Creditors Control A/C.
  3. This report has an additional column, ‘Difference’. This column highlights the discrepancies between the Trader Balance and the Balance on the Creditors Report. These are usually caused by un-posted entries such as Credits or Payments being allocated to the posted invoices.
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