In this guide, we show How to Complete Month End Checks in the Finance Module.
Access: The minimum permissions required to access the areas required are found in the Finance Module section Config > Setup > Roles & Permissions.
Note: Completing these checks on a monthly basis helps to maintain a healthy Finance Module.
Related Guides
1. System Checks Report
Go to Modules > Finance > Finance Home Page > Reports > System Checks.
The System Checks Report shows all outstanding items in the system. Deal with them accordingly. For example, Authorise or Cancel any Unauthorised Purchase Orders to clear them from the Report.
2. Check the Journal Browser for Errors
Go to Modules > Finance > Finance Home Page > General Ledger > Journal Browser.
In the Search Bar for Note, type err to pull up any errors.
Note: All Journal Errors should be referred to the support team for investigation.
3. Creditor Control
Ensure Creditor Control matches the Aged Creditor Report and Outstanding Invoices and Credit Notes in Accounts Payable.
Note: Only include Authorised and, if Central Payments are also made Passed for Pay, items when checking the outstanding items.
First, go to Modules > Finance > Finance Home Page > General Ledger > Chart of Accounts Enquiry.
In the Details section, search cred to find the Creditor Control Ledger and take note of the Actual amount.
Next, to produce the Aged Creditor Report, go to Modules > Finance > Finance Home Page > Reports > Aged Creditor Report.
Select Preview to Preview the Report.
Go to the last page to find the Report Total.
Then, go to Modules > Finance > Finance Home Page > Accounts Payable > Invoices & Credit Notes.
To view Outstanding Invoices and Credit Notes, select Authorised, and if Central Payments are also made Passed for Pay, from the Filters.
Add up the values of the Outstanding Invoices and Credit Notes.
Note: Credit Notes show as the value of the Credit Note and identify as a debit in this screen.
All 3 values should match, unless there is an Opening Balance Journal with a Creditor Control value not accounted for.
4. Debtor Control
Ensure Debtor Control matches the Aged Debtor Report and Outstanding Invoices and Credit Notes in Accounts Receivable.
First, go to Modules > Finance > Finance Home Page > General Ledger > Chart of Accounts Enquiry.
Search debt to find the Debtor Control Ledger.
Next, to produce the Aged Debtor Report, go to Modules > Finance > Finance Home Page > Reports > Aged Debtor Report.
Go to the last page to find the Report Total.
To view Outstanding Invoices and Credit Notes, go to Modules > Finance > Finance Home Page > Accounts Receivable > Invoices and Credit Notes.
In the Filters, select Printed.
Note: Credit Notes show as the value of the Credit Note and identify as a debit in this screen.
Add up the values of the Outstanding Invoices and Credit Notes.
All 3 values should match, unless there is an Opening Balance Journal with a Debtor Control value not accounted for.
5. VAT Reporting
Check that the VAT Reports match the VAT Control Ledgers.
First, go to Modules > Finance > Finance Home Page > Reports > VAT Reporting.
Click on Create, select VAT Reconciliation, and then click Load.
Preview the Report.
Take note of the individual values in VAT Totals at the end of the Report.
Check the values against those in the VAT Ledgers.
To do this, go to Modules > Finance > Finance Home Page > General Ledger > Chart of Accounts Enquiry.
Select the VAT Ledgers from the Filters and look for the relevant VAT Code(s).
Double click on each Ledger in turn and select VAT Return.
Select the appropriate Month, keep Ignore any other active enquiry filter ticked, and click Apply.
This shows the Debit for that VAT Return.
Note: A mismatch between the VAT Report and the Chart of Accounts can often be traced back to a VAT Credit that has been offset in the VAT Reconciliation process. This Credit reduces the total shown in the VAT Report. It will still be reflected as a Credit entry and not a Debit entry within the Chart of Accounts.
6. Bank Reconciliation
Go to Modules > Finance > Finance Home Page > Routines > Bank Reconciliation.
Open the latest Bank Reconciliation. Check the Closing Balance matches the Bank Statement, and that the running total is Zero once all items have been reconciled.
7. Accounting Queries
Check that the figures in the top section of the Chart of Account Enquiry match those in the Cost Centre Enquiry.
For Chart of Account Enquiry, go to Modules > Finance > Finance Home Page > General ledger > Chart of Accounts Enquiry. Take note of the values at the top.
For Cost Centre Enquiry, go to Modules > Finance > Finance Home Page > General ledger > Cost Centre Enquiry. Take note of the values in the top. These should match the Chart of Accounts Enquiry values.
8. Trial Balance
Check that the Trial Balance is Zero.
Go to Modules > Finance > Finance Home Page > General Ledger > Chart of Accounts Enquiry.
The Trial Balance can be viewed in the Ledger Enquiry at the top of the page.
9. Closing the Period
Once the above steps have been checked and confirmed, the period can be closed.
See: How to Close a Period.