Month-end close checklist

Leave no transactions behind on your next month-end close

 

Unposted transactions

Check that relevant transactions are approved and posted.  

Navigate to the corresponding page and filter on Unposted transactions for the relevant Accounting Month.  You can also bookmark these pages so you can access them from My Dashboard in one-click.  

1. Supplier invoices :  Navigate to Accounting>Payables>Supplier Invoices.  
2. Payments:  Navigate to Accounting>Payables>Payments
3. Client invoices:
   1. Job invoices:  Navigate to Accounting>Receivables>Client Job Invoices
   2. Sundry invoices: Navigate to Accounting>Receivables>Sundry Invoices
4. Receipts: Navigate to Accounting>Receivables>Receipts
5. WIP take ups:  Navigate to Accounting>General Ledger>WIP Take Ups
6. Journals:  Navigate to Accounting>General Ledger>Journals

Bank reconciliation 

For each bank account, the bank statement balance should agree to the Bank Statement value on the Bank Reconciliation report. 

1. Navigate to Accounting>General Ledger>Bank Reconciliation and click Reconcile to match transactions in your GL to your bank statement transactions. See the step-by-step reconciliation process here. 
2. Once you have reconciled each bank account, enter a Lock Date to prevent additional transactions from being posted for the month.  Learn how here.
3. Run bank reconciliation reports to include in your month-end folder. 

Sub-ledger balances 

Review the following sub-ledger details and verify the data against their respective GL control account balances. 

Work-In-Progress

Review and reconcile the WIP balance for each job. 

1. Navigate to Jobs>Job Reports>Job Cost Reports and select Aged Work In Progress and Advance Billing Report. 
2. Reconcile job WIP balance using the WIP Take Up function:
   1. Create Income Take Ups for balances on completed jobs. 
   2. Review jobs with balances that may require an income take up or write off.  

Accounts Receivable 

Review the Receivables Aging Report by navigating to Accounting > Receivables> Receivables Reports.  If you multiple AR accounts, you can run this report by account. 

Accounts Payable

Review the Payables Aging Report by navigating to Accounting > Payables> Payables Reports.  If you multiple AP accounts, you can run this report by account.  

Media WIP

Accountability automatically creates a Media Cost Control report providing you insight into the difference between the client billed and invoice cleared amounts down to the Media Estimate level.  Learn more here. 

Interoffice transactions

If you are sharing costs across offices and have inter-company transactions or using the Interoffice Billing function within the platform:

Navigate to Accounting>General Ledger>General Ledger Reports>Transaction Reports and choose the Inter-Office Reconciliation Report. 

 

Prepayments

You can easily review and reconcile your prepayments by navigating to  Accounting>General Ledger>General Ledger Reports>Transaction Reports and selecting the Prepayments Reconciliation Report. 

 

Trial balance

Navigate to Accounting>General Ledger>General Ledger Reports > Trial Balance and Summary Reports and choose the desired TB format. 

1. Review your Trial Balance control accounts against your sub ledger account totals.
2. Review all your "non-control" account balances. 

Financial statements and key performance reports

Review your financial statements and key performance reports

Financial statements

1. Navigate to Accounting>General Ledger>Balance Sheet Statements to access the interactive balance sheet.  Choose from a number of formats including any custom financial formats you have created.  This interactive balance sheet enables you to drill down into the underlying transactions behind an amount.
2. Navigate to Accounting>General Ledger>Profit & Loss Statements to access the interactive P&L statement. Choose the desired format and drill down into the underlying transactions as needed. 
3. Generate your Cash Flow Statement through the interactive Balance Sheet by choosing the relevant Report Format.  

Key performance reports 

Review key performance reports including but not limited to the following.

1. Navigate to Accounting>General Ledger>Billings & Revenue Statements for the interactive billings and revenue report. 
2. Navigate to Accounting>General Ledger>General Ledger Reports and scroll down to the Client Profitability Reports. 

 

Update the Accounting Month 

Update the Current Accounting Month (and Year, if needed).  This can be done by an authorized Accountability Admin at your agency by going to Set Up Files>Set Up Options. 

Your agency also has the option to close specific offices and/or transaction types through the Close Offices/Transaction Types link on the top of the page.