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Finance System Checks – Month End Checklist

In this guide, we will show you how to complete your Month End Checks in the Finance module

Access: The minimum permissions required to access the areas required are found in the Finance Module of Config>Setup>Roles & Permissions.

By following these checks monthly, it will help you to maintain a healthy Finance Module

1. Run your system Checks Report. Finance>Reports>System Check Report. This will show all outstanding items in the system

2. Check your Journal Browser for Errors. Finance>General Ledger>Journal Browser.

In the Search bar type Err to pull up any errors

All Journal Errors should be referred to the support team for investigation.

3. Ensure your Creditor Control matches your Aged Creditor Report and Outstanding Invoices and Credit Notes in Accounts Payable.

3.1 Creditor Control: Finance>Chart of Accounts Enquiry. Search Cred to find the Creditor Control Ledger

Take note of the Amount

3.2 Aged Creditor Report: Finance Home Page>Reports>Aged Creditor Report>Preview

Go to the last page to find the total of the report

3.3 Outstanding Invoices and Credit Notes: Finance>Accounts Payable>Invoices and Credit Notes. In the Filters, select Outstanding. (Please note that Credit Notes are showing as the value of the credit note and identifying as a debit in this screen)

Add up the values of the outstanding invoices and credit notes.

All 3 values should match (unless you have an opening balance journal with a Creditor Control value not accounted for)

4. Ensure your Debtor Control matches your Aged Debtor Report and Outstanding Invoices and Credit Notes in Accounts Receivable.

4.1 Debtor Control: Finance>Chart of Accounts Enquiry. Search Debtor to find the Creditor Control Ledger

4.2 Aged Debtor Report: Finance Home Page>Reports> Aged Debtor Report. Preview

Go to the last page to find the total of the report

4.3 Outstanding Invoices and Credit Notes: Finance>Accounts Receivable>Invoices and Credit Notes. In the Filters, select Printed. (Please note that Credit Notes are showing as the value of the credit note and identifying as a debit in this screen)

Add up the values of the outstanding invoices and credit notes.

All 3 values should match (unless you have an opening balance journal with a Debtor Control value not accounted for)

5. VAT Reports match the VAT Control Ledgers

5.1 Finance>Reports>VAT Reporting. Create. Load VAT Reports

Preview

Take note of the individual values

5.2 Check against VAT Ledgers. Finance>General Ledger>Chart of Accounts Enquiry. Search VAT Code (Expenditure VAT)

Double click in to each ledger. then select Vat Return

Select the appropriate month. Apply

This should show the Actual for that VAT return:

6. Bank Reconciliation Balances

6.1 Finance>Routines>Bank Reconciliation. Open the latest Bank Reconciliation and check the closing balance matches your bank statement and the running total is 0.00 one all items are reconciled.

7. Chart of Account Enquiry matches the Cost Centre Enquiry

7.1 Finance>General ledger>Chart of Accounts Enquiry. Take note of the values in the top

7.2 Finance>General Ledger>Cost Centre Enquiry. Take note of the values in the top. These should match the COA Enquiry.

8. Trial Balance is 0.00.

8.1 Finance>General Ledger>Chart of Accounts Enquiry. Check Trial Balance is 0.00

Once all of the above are checked and confirmed, you can process your month end.

Updated on May 15, 2024

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