Month End Close Procedures

Accounts Receivable

1. Make sure invoicing and cash posting have been completed
2. Review Aged Trial Balance
3. Process Service Charges (Optional)
   • Set Interest Type to Monthly
   • Set % rate (e.g. 1.5% for 18% annual)
   • Set Code - typically "Y"
   • CutOff Date is normally the first date of the month being closed
   • Trans Date is typically the Last day of the month being closed
4. Print A/R Statements
5. Print other Desired Month End Reports
   • MTD Invoice Register
   • Cash Posting Register
   • Sales Tax Reports
6. Set New Period to “Opened” and close all previous periods in Month_End>Setup Periods
7. Run Month End Processing from Accounts_Receivable>Month_End
8. Run A/R Distributions to G/L from Accounts_Receivable>Month_End

Accounts Payable

1. Make sure invoices with dates in closing Month are entered
2. Print AP Aged Trial Balance from the Reports Menu
3. Print Month End Check Register from the Month/Year End Menu
4. Set New Period to “Opened” and close all previous periods in Month_End>Setup Periods
5. Run Month End Processing from Accounts_Payable>Month_End
6. Run A/P Distributions to G/L from Accounts_Payable>Month_End

Cash Management

1. Enter all Cash Management transactions for closing Month
2. Finalize All Reconciliations
3. Print Desired Reports
4. Set New Period to “Opened” and close all previous periods in Month_End>Setup Periods
5. Run C/M Distributions to G/L from Cash_Management>Month_End

Payroll

1. Complete final payroll for the Month
2. Print Desired Reports for archiving
   • Company Totals
   • Employee Detail
3. Print Required Reports
   • 941 and 941B
   • Workers Compensation
4. Set New Period to “Opened” and close all previous periods in Month_End>Setup Periods
5. Run Payroll Distributions to G/L from Payroll>Month_End

General Ledger

1. Complete G/L entries for the Month
2. Print Desired Reports for Archiving
   • General Ledger Trial Balance
   • Financial Statements
3. Set New Period to “Opened” and close all previous periods in Month_End>Setup Periods
4. General Ledger>Year End>Setup_Periods