Operating Account Month End Reporting

Here are the Operating reports we reviewed yesterday:

 

Operating Month End:

1. Create Month End Journal Entries: Used to record any transactions that have not already been recorded through daily processing.

Possible Common Entries:

• Bank Fees – record charges the bank has processed in the bank account.
• Bank Interest – record interest the bank has processed in the bank account.
• Payroll – record payroll expenses for the month.
• Amortization – record amortization for depreciating assets, i.e. computer equipment
• Rent & Leases – record monthly rent and/or leases – this may be done through a Vendor Invoice instead
• Property Taxes – Accrue a monthly amount for estimated taxes.  At the end of the year this would be adjusted to the actual tax paid.
• Federal/Provincial Tax Estimate – Accrue a monthly amount for estimated taxes.  At the end of the year this would be adjusted to the actual tax paid.
• Unearned Agent Revenue – This will move the Agent Billings from the last of the current month to the first of the next month.  It will also ensure that GST on all Agent Billings is submitted to the government in the correct month.

Part 1 Management Fees -Reporting --> Receivables --> Statements --> Fees & Expenses - change view style to Management Fees, Select Statement Period (enter the year 2020 and select from the list).  The Management Fee totals will be recorded in the Journal Entry.  Print & File                          

Part 2 GST – Financials/Transactions/GL Transactions – Account - find the “Sales Tax Payable – GST” account

                                Account = GST Sales Tax Payable

                                Fund = Operation

                                Start Date = beginning of month

                                End Date = End of month

                                Remove the Previous Dec 31^st balance

                                Remove any GST Payments/Deposits from any GST filings

                                Remove last month’s Reversing Journal Entry

                                The remaining balance will be recorded in the Journal Entry

                                Reverse the Journal Entry the first of the next month.

Accounting Menu --> Memorized Documents – each of the above entries should be memorized so they can be re-used every month.

Alternate Location: Accounting Menu --> Journal Entry

 

2. Operating Bank Reconciliation:  Used to reconcile the Bank statement with Deal Manager.  Print & File.

Accounting Menu --> Bank Reconciliation

 

3. Agent Receivables:  A list of all amounts owed by Agents where the Opening Balance column reconciles to the month end Accounts Receivable balance.

Run for the first of the month.

The Payments column reflects any payments made by agents on account since the month end billing.

The Balance column is their current amount owing and can be used to determine if an A/R deduction should be done from any deals they are being paid.

Print & File.

Deals Menu --> Associate Accounts Receivable

 

4. Accounts Payable:

Reporting Menu --> Vendors and Payables --> Documents --> Aged Trial Balance – An aged detailed list by Due Date of all amounts owing to Vendors.  This must be run before processing any of the next month’s transactions as it is a point in time report and will display all entries.

Menu: Reporting --> Vendors and Payables --> Balance – End of Previous Month - A summary list of the total amount owing to each Vendor.  Print & File in Binder.

 

5. Trial Balance: A list of all of the General Ledger Accounts and their balances.  This balances with the Bank Reconciliation, Aged Accounts Payable & Agent Receivables.  Investigate any account that does not make sense.  Print & File in Binder.

Menu: Reporting --> Financials --> Account Balance – 12 Months

 

6. GL Transactions – Account A list of all of the transactions in the accounts.  Only used if research is needed into any Trial Balance account balances.

Menu: Reporting --> Financials --> Transactions --> GL Transactions – Account

 

7. GL Transactions – Accounts Receivable & Accounts Payable A list of all of the transactions in the accounts.  Only used if research is needed to explain A/R or A/P balances.

Menu: Reporting --> Financials --> Transactions --> Previous Month OR This Calendar Year

 

8. Update Minimum GL Document Posting Date:  By updating this date after the month end work is complete, to the first of the current month, it will prevent anyone from entering a back dated GL Document.  This will prevent errors and keep your previous month’s reporting stable.  If you do need to back date a GL Document this date can easily be changed.

Menu: Setup --> Accounting --> Fund (VCR to the correct Fund)