27 steps for Happy Month End

If you use foreign currency, download the foreign currency rates on the last day of the month. These will be used to calculate the real value of foreign currency values at the end of the month.

Complete your bank reconciliation and do a “soft roll”

Step 1

All supplier invoices entered

Step 2

All client invoices completed and logged. Account Managers to review jobs and ensure all costs and client invoices are up to date.

Step 3

All payments made for the month have been entered

Step 4

All receipts for the month have been entered

Step 5

Process all inter bank transfers

Step 6  

Reconcile inter company balances

Step 7

Complete the bank reconciliation.

Step 8

Make a list of jobs with “complete” status and change status to “Dead”. This process will highlight jobs which have outstanding purchase orders. Review these outstanding purchase orders - should they be made complete or cancelled if all external costs have been received.

Review outstanding Purchase Order List - and follow up all old outstanding POs. Only Approved Purchase Orders are included in the WIP decisions. Raised Purchase Orders are ignored.

Start WIP process - run a GL Verification

Do a Soft Roll (i.e. set the default entry period, in Period History, to next month, to ensure that any further entries go into the future period.

Complete WIP & Accruals “confirmation” (i.e. review) process. Request input from account managers.

Print WIP & Accruals Unconfirmed Jobs Report -this lists the jobs which require “confirmation”. Go back to the WIP & Accruals window and confirm these jobs.

Reprint the WIP & Accruals Unconfirmed Jobs Report to ensure there are no unconfirmed jobs

Immediately (not a few days later) click on ”Apply to GL”. This process creates the journals and posts to the general ledger. This process may be repeated as many times as you require until you are satisfied with the figures.

Print WIP & Accruals Report and review it for reasonableness, i.e. do the figures look reasonable for WIP, Accruals and Pre-billings. Investigate any large transactions.

Print WIP Detailed Transaction Report - and review it - this report lists all the transactions (for each job) created by the “WIP Confirmation”. Investigate any exceptional amounts

Review the Income Analysis Reports - the Income Analysis by Jobs lists the gross profit for each job for the month - a good report to review for exceptions.

When completely satisfied, click on “Apply to General Ledger “ which will post these WIP journal entries.

Step 11

If you use foreign currencies, check you have the correct rate for each currency set for the end of the month - JobBag will use the rate to revalue any foreign currency values in the balance sheet that need restating. In the Ledger menu, select “Restate General Ledger” and process the month end revaluation of foreign currency values in the Balance Sheet (e.g. debtors, creditors, GST and bank accounts).

Step 12

Under the Ledger menu, run GL Verification

Step 13

Under the Ledger menu, run Reconciliation Test and review

Step 14

Reconcile Aged Payables (future periods suppressed) with Trade Creditors in the General Ledger. (you can either create a PDF or print)

Step 15

Reconcile Aged Receivables (future periods suppressed) with Trade Debtors in the General Ledger. (you can either create a PDF or print)

Step 16

Review reports for ATO transactions:

GST detailed report for reasonableness - this is important because if the GST for any supplier or client invoices are coded incorrectly - it needs to be fixed before roll-over so it is reported correctly in the GST reports.

PAYG reports (employee and TALENT)

Super Liability Reports (employee and TALENT)

Under Reports menu choose Financial Reporting - either create a PDF or print.

Step 17

Summary Trial Balance

Step 18

Financial Statements: Profit and Loss Report Current Period

Step 19

Financial Statements: Balance Sheet (YTD and current period are the same)

Step 20

Multi-column Financial Statements: Profit and Loss Statement

Step 21

Multi-column Financial Statements: Profit and Loss Statement including budgeting and forecasts for rest of year.

Step 22

Print Client Statements if require. (these can be printed later)

Step 23

Do a back up (month end rollover) of your data base.

Please refer to Backup instructions.

Step 24

Quit all users out of the system - File/Administration/Users - select “online icon” and send either warning or “log users out of the system.

Step 26

Proceed with Rollover process instructions into the new period.

Step 27

Log out of JobBag and log back in to make sure that the Roll-Over was successful.