Month End closing processes for version 10

For just month end, you can go to Close Fiscal Period and tick the period as closed. If you want to make sure no one posts on the past period you should set up the Earliest apply date (all of these under General Ledger + General Operations), but there is no process to run when doing month end.
 
Dora Chavarria  
Sr. Consultant Analysis Services,
ERP  
Mayan Technologies USA, Inc. dchavarria@...







www.mayantechs.com 



On Tuesday, June 2, 2015 3:47 PM, "Manasa Reddy manasa.reddy@... [vantage]" <vantage@yahoogroups.com> wrote:


 
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This is really intense, thank you for sharing!  Then I read it is for year-end closing, which makes sense….so I have to ask if you have anything for just month end closing?
 
Manasa
 
 
From: vantage@yahoogroups.com [mailto:vantage@yahoogroups.com]
Sent: Tuesday, June 02, 2015 4:36 PM
To: vantage@yahoogroups.com
Subject: Re: [Vantage] Month End closing processes for version 10
 
 
Hello
 
I have this.. hope this helps
Sales and Collection Cycle
The Sales and Collection Cycle is made up of all processes that lead to a company's total revenue intake. Because this is such an important cycle in a manufacturing environment's day-to-day business practices, several items must be reviewed before the fiscal year is marked as closed.
To verify all project milestones, shipments, invoices, credit memos, adjustments and cash receipts for the current fiscal year were properly accounted, use the following prerequisites, activities and mandatory records.
Prerequisites For each period, verify the following:
• All pending shipments have been recorded and flagged as Shipped.
• All invoices have been generated for project milestones.
• All invoices for shipments have been recorded and posted.
• Miscellaneous invoices have been recorded and posted.
• Any credit memos for open return material authorizations (RMAs) have been processed and posted.
• All cash receipts have been recorded and posted.
• Any AR adjustments and write offs have been recorded.
 
Activities
• Process customer statements for any customers requesting year end statements.
• Reconcile Receivables accounts.
• Reconcile the AR clearing account. An AR clearing account can optionally be used as a pending account between Inventory/WIP and Cost of Sales (COS). If defined, this account is used to track products that have been shipped but not invoiced. At the time of shipment, costs post to this clearing account instead of moving directly to the COS accounts. Once the shipment is invoiced, costs move from the AR clearing account to the COS accounts. This transaction can be viewed as an unposted transaction on the Inventory WIP Reconciliation report until the Capture COS/WIP activity is executed. The inventory transaction type is recorded as Invoice.
• Reconcile Deferred Revenue and Prepayment accounts.
Mandatory Reports Generate these mandatory reports after you complete all prerequisite activity and before you enter any future period transactions. Aged Receivables Report This report serves as the subsidiary ledger to the company's Receivables accounts. This report should be aged by Invoice Date and selected by Apply Date. Furthermore, the date listed in the Aged As Of field should reflect the last date of the last fiscal period of the year you wish to close. The report total should reconcile to the ending balance of the Receivables account. If you find an out of balance condition, it may be beneficial to print an Aged Receivables Report for each individual period's date range. If your company uses multiple Receivables accounts, you are able to filter the Aged Receivables report by AR Account GL control code. This makes it easier for reconciliation to each individual receivables account. Shipped Not Invoiced Report This report serves as the subsidiary ledger to the company's AR clearing account. The To date on this report should reflect the last date of the last fiscal period of the year. The report total on this listing should reconcile to the ending balance of the AR Clearing account as long as all inventory transactions have been committed to the GL. Advanced Billing/Deposit Balance Report This report serves as the subsidiary ledger to the Prepayment and Deferred Revenue accounts (if the Deferred Revenue Accounting module is not used). The Balance As Of date should reflect the last day of the last fiscal period. Note If any Advanced Billing Invoices were posted directly to Sales (cleared Deferred Revenue box on the invoice header) this report will not reconcile.
Optional Records The following reports are not necessarily used to reconcile the ending balance of any GL account. Rather, they are helpful when trying to identify activity details that transpired during the time period specified and can assist with any inconsistencies found.
• GL Distribution Report filtered by:
• Sales
• Cash Receipts
• Adjustments
• AR Invoice Balance
Housekeeping Items
• Verify the accuracy of the Scheduled Shipments Listing. Close any outstanding orders that have in fact been shipped complete.
• Verify the accuracy of the Sales Backlog Report. Close any outstanding orders that are no longer valid.
• Verify the accuracy of shipments not yet invoiced. Any packing slip created but not flagged as ready to invoice is a candidate for future reconciliation if the AR clearing account feature is not being used. Any invoice in an open AR invoice entry group may be a candidate for future reconciliation.
Acquisition and Payment Cycle
The Acquisition and Payment Cycle is comprised of all procedures involved in the purchase and receipt of goods as well as cash disbursements to a company's suppliers and subcontractors.
To verify all receipts, invoices, debit memos, adjustments and cash disbursements for the current fiscal year were properly accounted for, use the following prerequisites, activities and mandatory records.
Prerequisites For each period, verify the following: • All receipts have been recorded.
• All invoices received to date for receipts have been recorded and posted.
• Miscellaneous invoices have been recorded and posted.
• Any debit memos for open discrepant material returns (DMRs) have been processed and posted.
• Cash disbursements have been recorded and posted.
• All manual checks have been recorded and posted.
• Bank adjustments and fees have been posted.
Activities
• Reconcile AP Clearing account(s).
• Reconcile Payables account(s).
• Reconcile Prepayment account(s).
• Reconcile Bank Statement(s).
• Prepare a reversing journal entry to accrue any miscellaneous payables.
Mandatory Reports
Generate these reports after you complete all prerequisite activity and before you enter any future period transactions. Aged Payables Report This report serves as the subsidiary ledger to the Accounts Payable account. The Aged As Of date should reflect the last date of the last fiscal period. The report total on this listing should reconcile to the ending balance of the Payables account. If your company uses multiple Payables accounts you are able to filter the Aged Payables report by AP Account GL control code. This makes it easier for reconciliation to each individual payables account. This report can also be run for Pre-Payments only. If your company posts pre-payments via AP Payment Entry, this report can be used to reconcile the Prepayment account(s) to which you post. Received but not Invoiced Report
This report serves as the subsidiary ledger to the AP Clearing account. The cut off date should reflect the last date of the last fiscal period. The report total on this listing should reconcile to the ending balance of the AP Clearing account. Advanced Payment Balance Report This report serves as the subsidiary ledger to the Advance Payment account(s). The Balance As Of date should reflect the last day of the last fiscal period in the fiscal year you wish to close. The report total should be reconciled to the ending balance of the Advanced Payment account(s).
Optional Records The following reports are not necessarily used to reconcile the ending balance of any GL account. Rather, they are helpful when trying to identify activity details that transpired during the time period specified and can assist with any inconsistencies found.
• GL Distribution Report filtered by:
• Purchases
• Cash Disbursements
• Adjustments
• Check Register
• Discount Analysis
Housekeeping Items
• Generate the Open PO report and close any outstanding orders that have been received complete.
• If all invoices received in the mail on the last day of the period have been entered, there is no need to keep AP open. The accrual for receipts not yet invoiced has already occurred. It is based on the receiving transaction. Any invoice in any open group in AP may be a candidate for future reconciliation.
Payroll and Personnel Cycle
The Payroll and Personnel Cycle highlights all the procedures involved in a company's employee payment process.
To verify all labor has been recorded and payroll runs for the year have been processed, use the following prerequisites, activities and mandatory records.
Prerequisites For each period, verify the following:
• All labor has been recorded and edited.
• All payroll check runs for the year have been processed and posted.
Activities
• Reconcile payroll deduction and tax accrual accounts.
• Prepare a reversing journal entry to accrue wages earned but not yet paid. • Reconcile supplier deposits account(s).
• Prepare a reversing journal entry to accrue for all other wages earned but not yet paid. Types of wages to consider include paid time off (PTO), holiday, sick time.
• Reconcile payroll bank account (if separate from your main bank account).
Mandatory Reports Generate these reports after completing all prerequisite activity and before entering any future period transactions.
• Payroll registers • Employee Earnings
• Quarterly Tax Report
• W2 Records
Optional Records
• GL Distribution Report filtered by:
• Payroll
• Deduction Report
• Workers' Compensation Report
Housekeeping Items
• Maintain Payroll Employee Maintenance for inactive or terminated employees.
• Verify the accuracy of system users.
• Inactivate terminated employees.
• Update vacation and sick time balances for each employee.
Manufacturing and Inventory Cycle
Throughout the Manufacturing and Inventory Cycle, procedures from prior cycles are reviewed. There are also additional routines to complete before the fiscal year can close.
Prerequisites For each period, verify the following:
• All receipts have been recorded. This activity should have been completed as part of the prerequisites for the Acquisition and Payment Cycle.
• All pending shipments have been recorded and flagged as Shipped. This activity should have been completed as part of the prerequisites for the Sales and Collection Cycle.
• All labor has been recorded. This activity should have been completed as part of the prerequisites for the Payroll and Personnel Cycle.
• All materials that need to be issued to jobs have been entered.
• All receipts from manufacturing have been entered.
• All jobs that are candidates for closing have been closed.
Activities
• Capture COS/WIP activity. Select both check boxes - Post to General Ledger and Post Cost Of Sales/MFG Variance. If you select the Post to General Ledger check box and do not select the Post Cost of Sales/MFG Variance check box, most transactions will still post to the GL. The only transactions that will not post are shipments from WIP (MFG-CUS) and variances (MFG-VAR). The ending date should reflect the last date of the last fiscal period in the year you are closing.
• Reconcile all Inventory accounts.
 
Mandatory Reports Generate these reports after completing all prerequisite activities and before entering any future period transactions. Stock Status Report This report serves as the subsidiary ledger to the Inventory account. The cut off date should reflect the last date of the last fiscal period in the company's fiscal year. The report total on this listing is your inventory value using the valuation method identified for each part. This total should reconcile to the ending balance of the inventory account(s). It is desirable to select the report options Include Non-Stock Items and Negative On-Hand Balances when running this report for reconciliation purposes. Work In Process Report This report serves as the subsidiary ledger to the Work In Process (WIP) account(s). The cut off date should reflect the last date of the last fiscal period. The report totals on this listing should reconcile to the ending balance of the Work In Process account(s). Open DMR Status This report serves as the subsidiary ledger to the DMR account. It includes subtotals for each DMR and a grand total of the value of all open DMRs. The report total on this listing should reconcile to the ending balance of the DMR account. Receipt Inspection Pending This report serves as the subsidiary ledger to the Inspection account. It lists all items that have been received to inspection through the receipt entry program and are awaiting inspection. The report total on this listing should reconcile to the ending balance of the Inspection account.
Optional Records
• Inventory WIP Reconciliation
• Inventory Journal
Housekeeping Items
• Review the Job Status Report. Address any jobs showing delinquent days that may have been put on hold or cancelled.
• Move Shop Warnings to history.
Close the General Ledger
Prerequisites
• Verify all subsidiary ledgers have been generated and reconciled to corresponding accounts.
Activities • Verify and post recurring journal entries.
• Process and post remaining GL allocations.
• Enter and post general journal entries for:
• Accruals
• Depreciation
• Commissions
• Inventory Reserves
• Allowances
• Reconcile all suspense accounts. Re-classify any transactions to the appropriate account(s).
• Post adjustment entries to the appropriate period(s) or closing period(s).
• Use Close Fiscal Period/Year to close the fiscal year in each relevant GL book.
• Transfer opening balances to the new fiscal year in each relevant GL book.
Records All reports in the GL can be generated on demand. The book, fiscal year, and fiscal period control the data that prints on these reports.
• Financial Statements The year end financial statements are the most important reports a company processes. More than any other monthly reports you prepare throughout the year, these statements are used for tax preparation, future reference, and decision making. For that reason, companies spend a lot of time making sure their financial statements contain and reflect accurate information. • General Ledger Report
• Trial Balance Report
• Annual Total Journal Report
Close the General Ledger
• GL Journal Listin(s)
• GL Segment Report (if balances are maintained on segments other than the natural segment or if dynamic segments are in use.)
Year End Accounting Checklist
Consider the suggestions included on this checklist for each business you are working with to ensure year end books are accurate.
Tip The last step of the year end process is to check your Sales, Cost, and Expense accounts. Compare the account balances to those of prior years to see if any increase or decrease is reasonable.
Year End Checklist
• Are there any accounts receivables that are worthless and should be written off?
• Is my balance in Allowance for Bad Debts a reasonable estimate of potential write-offs? 
• Have we recorded all payables?
• Does my general ledger bank balance reconcile to the bank statement?
• Is the company's inventory balance correctly stated?
• Are there inventory items that cost more than their worth and should be written down to their market value?
• Are there any prepaid items that need to be adjusted such as prepaid insurance?
• Have all assets been reviewed for accuracy?
• Do the payroll tax liabilities coincide with our quarterly reports?
• Do the balances in the notes payable accounts (loans) agree with what the banks say we owe?
• Are there other debts that have not been included on the books?
• Are there debts on the books that no longer exist because of forgiveness or oversight?
• Is my depreciation correctly recorded for fixed assets still in the company's possession? This item is only important if your company has the Asset Management Module licensed.
• Are any increases or decreases reasonable to my Sales, Cost, and Expense account balances when compared to those of prior years?
 
Dora Chavarria  
Sr. Consultant Analysis Services,
ERP  
Mayan Technologies USA, Inc. dchavarria@...







www.mayantechs.com 
 
 
On Tuesday, June 2, 2015 3:16 PM, "Manasa Reddy manasa.reddy@... [vantage]" <vantage@yahoogroups.com> wrote:
 
 
 
Would anyone be willing to send me a copy of their month end closing process for version 10?
If so please email me off list to manasa.reddy@....
TIA,  Manasa
 
IMPORTANT NOTICE FROM API: This communication, including any attachments, contains information that may be confidential or privileged and is intended solely for the entity or individual to whom it is addressed. If you are not the intended recipient, please contact the sender immediately and delete this message. Any unauthorized disclosure, copying or distribution of this message is strictly prohibited.
 
IMPORTANT NOTICE FROM API: This communication, including any attachments, contains information that may be confidential or privileged and is intended solely for the entity or individual to whom it is addressed. If you are not the intended recipient, please contact the sender immediately and delete this message. Any unauthorized disclosure, copying or distribution of this message is strictly prohibited.
IMPORTANT NOTICE FROM API: This communication, including any attachments, contains information that may be confidential or privileged and is intended solely for the entity or individual to whom it is addressed. If you are not the intended recipient, please contact the sender immediately and delete this message. Any unauthorized disclosure, copying or distribution of this message is strictly prohibited.
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Would anyone be willing to send me a copy of their month end closing process for version 10?

If so please email me off list to manasa.reddy@....

TIA,  Manasa

 

IMPORTANT NOTICE FROM API: This communication, including any attachments, contains information that may be confidential or privileged and is intended solely for the entity or individual to whom it is addressed. If you are not the intended recipient, please contact the sender immediately and delete this message. Any unauthorized disclosure, copying or distribution of this message is strictly prohibited.
Hello

I have this.. hope this helps
Sales and Collection Cycle
The Sales and Collection Cycle is made up of all processes that lead to a company's total revenue intake. Because this is such an important cycle in a manufacturing environment's day-to-day business practices, several items must be reviewed before the fiscal year is marked as closed.
To verify all project milestones, shipments, invoices, credit memos, adjustments and cash receipts for the current fiscal year were properly accounted, use the following prerequisites, activities and mandatory records.
Prerequisites For each period, verify the following:
• All pending shipments have been recorded and flagged as Shipped.
• All invoices have been generated for project milestones.
• All invoices for shipments have been recorded and posted.
• Miscellaneous invoices have been recorded and posted.
• Any credit memos for open return material authorizations (RMAs) have been processed and posted.
• All cash receipts have been recorded and posted.
• Any AR adjustments and write offs have been recorded.
 
Activities
• Process customer statements for any customers requesting year end statements.
• Reconcile Receivables accounts.
• Reconcile the AR clearing account. An AR clearing account can optionally be used as a pending account between Inventory/WIP and Cost of Sales (COS). If defined, this account is used to track products that have been shipped but not invoiced. At the time of shipment, costs post to this clearing account instead of moving directly to the COS accounts. Once the shipment is invoiced, costs move from the AR clearing account to the COS accounts. This transaction can be viewed as an unposted transaction on the Inventory WIP Reconciliation report until the Capture COS/WIP activity is executed. The inventory transaction type is recorded as Invoice.
• Reconcile Deferred Revenue and Prepayment accounts.
Mandatory Reports Generate these mandatory reports after you complete all prerequisite activity and before you enter any future period transactions. Aged Receivables Report This report serves as the subsidiary ledger to the company's Receivables accounts. This report should be aged by Invoice Date and selected by Apply Date. Furthermore, the date listed in the Aged As Of field should reflect the last date of the last fiscal period of the year you wish to close. The report total should reconcile to the ending balance of the Receivables account. If you find an out of balance condition, it may be beneficial to print an Aged Receivables Report for each individual period's date range. If your company uses multiple Receivables accounts, you are able to filter the Aged Receivables report by AR Account GL control code. This makes it easier for reconciliation to each individual receivables account. Shipped Not Invoiced Report This report serves as the subsidiary ledger to the company's AR clearing account. The To date on this report should reflect the last date of the last fiscal period of the year. The report total on this listing should reconcile to the ending balance of the AR Clearing account as long as all inventory transactions have been committed to the GL. Advanced Billing/Deposit Balance Report This report serves as the subsidiary ledger to the Prepayment and Deferred Revenue accounts (if the Deferred Revenue Accounting module is not used). The Balance As Of date should reflect the last day of the last fiscal period. Note If any Advanced Billing Invoices were posted directly to Sales (cleared Deferred Revenue box on the invoice header) this report will not reconcile.
Optional Records The following reports are not necessarily used to reconcile the ending balance of any GL account. Rather, they are helpful when trying to identify activity details that transpired during the time period specified and can assist with any inconsistencies found.
• GL Distribution Report filtered by:
• Sales
• Cash Receipts
• Adjustments
• AR Invoice Balance
Housekeeping Items
• Verify the accuracy of the Scheduled Shipments Listing. Close any outstanding orders that have in fact been shipped complete.
• Verify the accuracy of the Sales Backlog Report. Close any outstanding orders that are no longer valid.
• Verify the accuracy of shipments not yet invoiced. Any packing slip created but not flagged as ready to invoice is a candidate for future reconciliation if the AR clearing account feature is not being used. Any invoice in an open AR invoice entry group may be a candidate for future reconciliation.
Acquisition and Payment Cycle
The Acquisition and Payment Cycle is comprised of all procedures involved in the purchase and receipt of goods as well as cash disbursements to a company's suppliers and subcontractors.
To verify all receipts, invoices, debit memos, adjustments and cash disbursements for the current fiscal year were properly accounted for, use the following prerequisites, activities and mandatory records.
Prerequisites For each period, verify the following: • All receipts have been recorded.
• All invoices received to date for receipts have been recorded and posted.
• Miscellaneous invoices have been recorded and posted.
• Any debit memos for open discrepant material returns (DMRs) have been processed and posted.
• Cash disbursements have been recorded and posted.
• All manual checks have been recorded and posted.
• Bank adjustments and fees have been posted.
Activities
• Reconcile AP Clearing account(s).
• Reconcile Payables account(s).
• Reconcile Prepayment account(s).
• Reconcile Bank Statement(s).
• Prepare a reversing journal entry to accrue any miscellaneous payables.
Mandatory Reports
Generate these reports after you complete all prerequisite activity and before you enter any future period transactions. Aged Payables Report This report serves as the subsidiary ledger to the Accounts Payable account. The Aged As Of date should reflect the last date of the last fiscal period. The report total on this listing should reconcile to the ending balance of the Payables account. If your company uses multiple Payables accounts you are able to filter the Aged Payables report by AP Account GL control code. This makes it easier for reconciliation to each individual payables account. This report can also be run for Pre-Payments only. If your company posts pre-payments via AP Payment Entry, this report can be used to reconcile the Prepayment account(s) to which you post. Received but not Invoiced Report
This report serves as the subsidiary ledger to the AP Clearing account. The cut off date should reflect the last date of the last fiscal period. The report total on this listing should reconcile to the ending balance of the AP Clearing account. Advanced Payment Balance Report This report serves as the subsidiary ledger to the Advance Payment account(s). The Balance As Of date should reflect the last day of the last fiscal period in the fiscal year you wish to close. The report total should be reconciled to the ending balance of the Advanced Payment account(s).
Optional Records The following reports are not necessarily used to reconcile the ending balance of any GL account. Rather, they are helpful when trying to identify activity details that transpired during the time period specified and can assist with any inconsistencies found.
• GL Distribution Report filtered by:
• Purchases
• Cash Disbursements
• Adjustments
• Check Register
• Discount Analysis
Housekeeping Items
• Generate the Open PO report and close any outstanding orders that have been received complete.
• If all invoices received in the mail on the last day of the period have been entered, there is no need to keep AP open. The accrual for receipts not yet invoiced has already occurred. It is based on the receiving transaction. Any invoice in any open group in AP may be a candidate for future reconciliation.
Payroll and Personnel Cycle
The Payroll and Personnel Cycle highlights all the procedures involved in a company's employee payment process.
To verify all labor has been recorded and payroll runs for the year have been processed, use the following prerequisites, activities and mandatory records.
Prerequisites For each period, verify the following:
• All labor has been recorded and edited.
• All payroll check runs for the year have been processed and posted.
Activities
• Reconcile payroll deduction and tax accrual accounts.
• Prepare a reversing journal entry to accrue wages earned but not yet paid. • Reconcile supplier deposits account(s).
• Prepare a reversing journal entry to accrue for all other wages earned but not yet paid. Types of wages to consider include paid time off (PTO), holiday, sick time.
• Reconcile payroll bank account (if separate from your main bank account).
Mandatory Reports Generate these reports after completing all prerequisite activity and before entering any future period transactions.
• Payroll registers • Employee Earnings
• Quarterly Tax Report
• W2 Records
Optional Records
• GL Distribution Report filtered by:
• Payroll
• Deduction Report
• Workers' Compensation Report
Housekeeping Items
• Maintain Payroll Employee Maintenance for inactive or terminated employees.
• Verify the accuracy of system users.
• Inactivate terminated employees.
• Update vacation and sick time balances for each employee.
Manufacturing and Inventory Cycle
Throughout the Manufacturing and Inventory Cycle, procedures from prior cycles are reviewed. There are also additional routines to complete before the fiscal year can close.
Prerequisites For each period, verify the following:
• All receipts have been recorded. This activity should have been completed as part of the prerequisites for the Acquisition and Payment Cycle.
• All pending shipments have been recorded and flagged as Shipped. This activity should have been completed as part of the prerequisites for the Sales and Collection Cycle.
• All labor has been recorded. This activity should have been completed as part of the prerequisites for the Payroll and Personnel Cycle.
• All materials that need to be issued to jobs have been entered.
• All receipts from manufacturing have been entered.
• All jobs that are candidates for closing have been closed.
Activities
• Capture COS/WIP activity. Select both check boxes - Post to General Ledger and Post Cost Of Sales/MFG Variance. If you select the Post to General Ledger check box and do not select the Post Cost of Sales/MFG Variance check box, most transactions will still post to the GL. The only transactions that will not post are shipments from WIP (MFG-CUS) and variances (MFG-VAR). The ending date should reflect the last date of the last fiscal period in the year you are closing.
• Reconcile all Inventory accounts.
 
Mandatory Reports Generate these reports after completing all prerequisite activities and before entering any future period transactions. Stock Status Report This report serves as the subsidiary ledger to the Inventory account. The cut off date should reflect the last date of the last fiscal period in the company's fiscal year. The report total on this listing is your inventory value using the valuation method identified for each part. This total should reconcile to the ending balance of the inventory account(s). It is desirable to select the report options Include Non-Stock Items and Negative On-Hand Balances when running this report for reconciliation purposes. Work In Process Report This report serves as the subsidiary ledger to the Work In Process (WIP) account(s). The cut off date should reflect the last date of the last fiscal period. The report totals on this listing should reconcile to the ending balance of the Work In Process account(s). Open DMR Status This report serves as the subsidiary ledger to the DMR account. It includes subtotals for each DMR and a grand total of the value of all open DMRs. The report total on this listing should reconcile to the ending balance of the DMR account. Receipt Inspection Pending This report serves as the subsidiary ledger to the Inspection account. It lists all items that have been received to inspection through the receipt entry program and are awaiting inspection. The report total on this listing should reconcile to the ending balance of the Inspection account.
Optional Records
• Inventory WIP Reconciliation
• Inventory Journal
Housekeeping Items
• Review the Job Status Report. Address any jobs showing delinquent days that may have been put on hold or cancelled.
• Move Shop Warnings to history.
Close the General Ledger
Prerequisites
• Verify all subsidiary ledgers have been generated and reconciled to corresponding accounts.
Activities • Verify and post recurring journal entries.
• Process and post remaining GL allocations.
• Enter and post general journal entries for:
• Accruals
• Depreciation
• Commissions
• Inventory Reserves
• Allowances
• Reconcile all suspense accounts. Re-classify any transactions to the appropriate account(s).
• Post adjustment entries to the appropriate period(s) or closing period(s).
• Use Close Fiscal Period/Year to close the fiscal year in each relevant GL book.
• Transfer opening balances to the new fiscal year in each relevant GL book.
Records All reports in the GL can be generated on demand. The book, fiscal year, and fiscal period control the data that prints on these reports.
• Financial Statements The year end financial statements are the most important reports a company processes. More than any other monthly reports you prepare throughout the year, these statements are used for tax preparation, future reference, and decision making. For that reason, companies spend a lot of time making sure their financial statements contain and reflect accurate information. • General Ledger Report
• Trial Balance Report
• Annual Total Journal Report
Close the General Ledger
• GL Journal Listin(s)
• GL Segment Report (if balances are maintained on segments other than the natural segment or if dynamic segments are in use.)
Year End Accounting Checklist
Consider the suggestions included on this checklist for each business you are working with to ensure year end books are accurate.
Tip The last step of the year end process is to check your Sales, Cost, and Expense accounts. Compare the account balances to those of prior years to see if any increase or decrease is reasonable.
Year End Checklist
• Are there any accounts receivables that are worthless and should be written off?
• Is my balance in Allowance for Bad Debts a reasonable estimate of potential write-offs? 
• Have we recorded all payables?
• Does my general ledger bank balance reconcile to the bank statement?
• Is the company's inventory balance correctly stated?
• Are there inventory items that cost more than their worth and should be written down to their market value?
• Are there any prepaid items that need to be adjusted such as prepaid insurance?
• Have all assets been reviewed for accuracy?
• Do the payroll tax liabilities coincide with our quarterly reports?
• Do the balances in the notes payable accounts (loans) agree with what the banks say we owe?
• Are there other debts that have not been included on the books?
• Are there debts on the books that no longer exist because of forgiveness or oversight?
• Is my depreciation correctly recorded for fixed assets still in the company's possession? This item is only important if your company has the Asset Management Module licensed.
• Are any increases or decreases reasonable to my Sales, Cost, and Expense account balances when compared to those of prior years?
 
Dora Chavarria  
Sr. Consultant Analysis Services,
ERP  
Mayan Technologies USA, Inc. dchavarria@...







www.mayantechs.com 



On Tuesday, June 2, 2015 3:16 PM, "Manasa Reddy manasa.reddy@... [vantage]" <vantage@yahoogroups.com> wrote:


 
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Would anyone be willing to send me a copy of their month end closing process for version 10?
If so please email me off list to manasa.reddy@....
TIA,  Manasa
 
IMPORTANT NOTICE FROM API: This communication, including any attachments, contains information that may be confidential or privileged and is intended solely for the entity or individual to whom it is addressed. If you are not the intended recipient, please contact the sender immediately and delete this message. Any unauthorized disclosure, copying or distribution of this message is strictly prohibited.
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This is really intense, thank you for sharing!  Then I read it is for year-end closing, which makes sense….so I have to ask if you have anything for just month end closing?

 

Manasa

 

 

From: vantage@yahoogroups.com [mailto:vantage@yahoogroups.com]
Sent: Tuesday, June 02, 2015 4:36 PM
To: vantage@yahoogroups.com
Subject: Re: [Vantage] Month End closing processes for version 10

 

 

Hello

 

I have this.. hope this helps

Sales and Collection Cycle

The Sales and Collection Cycle is made up of all processes that lead to a company's total revenue intake. Because this is such an important cycle in a manufacturing environment's day-to-day business practices, several items must be reviewed before the fiscal year is marked as closed.

To verify all project milestones, shipments, invoices, credit memos, adjustments and cash receipts for the current fiscal year were properly accounted, use the following prerequisites, activities and mandatory records.

Prerequisites For each period, verify the following:

• All pending shipments have been recorded and flagged as Shipped.

• All invoices have been generated for project milestones.

• All invoices for shipments have been recorded and posted.

• Miscellaneous invoices have been recorded and posted.

• Any credit memos for open return material authorizations (RMAs) have been processed and posted.

• All cash receipts have been recorded and posted.

• Any AR adjustments and write offs have been recorded.

 

Activities

• Process customer statements for any customers requesting year end statements.

• Reconcile Receivables accounts.

• Reconcile the AR clearing account. An AR clearing account can optionally be used as a pending account between Inventory/WIP and Cost of Sales (COS). If defined, this account is used to track products that have been shipped but not invoiced. At the time of shipment, costs post to this clearing account instead of moving directly to the COS accounts. Once the shipment is invoiced, costs move from the AR clearing account to the COS accounts. This transaction can be viewed as an unposted transaction on the Inventory WIP Reconciliation report until the Capture COS/WIP activity is executed. The inventory transaction type is recorded as Invoice.

• Reconcile Deferred Revenue and Prepayment accounts.

Mandatory Reports Generate these mandatory reports after you complete all prerequisite activity and before you enter any future period transactions. Aged Receivables Report This report serves as the subsidiary ledger to the company's Receivables accounts. This report should be aged by Invoice Date and selected by Apply Date. Furthermore, the date listed in the Aged As Of field should reflect the last date of the last fiscal period of the year you wish to close. The report total should reconcile to the ending balance of the Receivables account. If you find an out of balance condition, it may be beneficial to print an Aged Receivables Report for each individual period's date range. If your company uses multiple Receivables accounts, you are able to filter the Aged Receivables report by AR Account GL control code. This makes it easier for reconciliation to each individual receivables account. Shipped Not Invoiced Report This report serves as the subsidiary ledger to the company's AR clearing account. The To date on this report should reflect the last date of the last fiscal period of the year. The report total on this listing should reconcile to the ending balance of the AR Clearing account as long as all inventory transactions have been committed to the GL. Advanced Billing/Deposit Balance Report This report serves as the subsidiary ledger to the Prepayment and Deferred Revenue accounts (if the Deferred Revenue Accounting module is not used). The Balance As Of date should reflect the last day of the last fiscal period. Note If any Advanced Billing Invoices were posted directly to Sales (cleared Deferred Revenue box on the invoice header) this report will not reconcile.

Optional Records The following reports are not necessarily used to reconcile the ending balance of any GL account. Rather, they are helpful when trying to identify activity details that transpired during the time period specified and can assist with any inconsistencies found.

• GL Distribution Report filtered by:

• Sales

• Cash Receipts

• Adjustments

• AR Invoice Balance

Housekeeping Items

• Verify the accuracy of the Scheduled Shipments Listing. Close any outstanding orders that have in fact been shipped complete.

• Verify the accuracy of the Sales Backlog Report. Close any outstanding orders that are no longer valid.

• Verify the accuracy of shipments not yet invoiced. Any packing slip created but not flagged as ready to invoice is a candidate for future reconciliation if the AR clearing account feature is not being used. Any invoice in an open AR invoice entry group may be a candidate for future reconciliation.

Acquisition and Payment Cycle

The Acquisition and Payment Cycle is comprised of all procedures involved in the purchase and receipt of goods as well as cash disbursements to a company's suppliers and subcontractors.

To verify all receipts, invoices, debit memos, adjustments and cash disbursements for the current fiscal year were properly accounted for, use the following prerequisites, activities and mandatory records.

Prerequisites For each period, verify the following: • All receipts have been recorded.

• All invoices received to date for receipts have been recorded and posted.

• Miscellaneous invoices have been recorded and posted.

• Any debit memos for open discrepant material returns (DMRs) have been processed and posted.

• Cash disbursements have been recorded and posted.

• All manual checks have been recorded and posted.

• Bank adjustments and fees have been posted.

Activities

• Reconcile AP Clearing account(s).

• Reconcile Payables account(s).

• Reconcile Prepayment account(s).

• Reconcile Bank Statement(s).

• Prepare a reversing journal entry to accrue any miscellaneous payables.

Mandatory Reports

Generate these reports after you complete all prerequisite activity and before you enter any future period transactions. Aged Payables Report This report serves as the subsidiary ledger to the Accounts Payable account. The Aged As Of date should reflect the last date of the last fiscal period. The report total on this listing should reconcile to the ending balance of the Payables account. If your company uses multiple Payables accounts you are able to filter the Aged Payables report by AP Account GL control code. This makes it easier for reconciliation to each individual payables account. This report can also be run for Pre-Payments only. If your company posts pre-payments via AP Payment Entry, this report can be used to reconcile the Prepayment account(s) to which you post. Received but not Invoiced Report

This report serves as the subsidiary ledger to the AP Clearing account. The cut off date should reflect the last date of the last fiscal period. The report total on this listing should reconcile to the ending balance of the AP Clearing account. Advanced Payment Balance Report This report serves as the subsidiary ledger to the Advance Payment account(s). The Balance As Of date should reflect the last day of the last fiscal period in the fiscal year you wish to close. The report total should be reconciled to the ending balance of the Advanced Payment account(s).

Optional Records The following reports are not necessarily used to reconcile the ending balance of any GL account. Rather, they are helpful when trying to identify activity details that transpired during the time period specified and can assist with any inconsistencies found.

• GL Distribution Report filtered by:

• Purchases

• Cash Disbursements

• Adjustments

• Check Register

• Discount Analysis

Housekeeping Items

• Generate the Open PO report and close any outstanding orders that have been received complete.

• If all invoices received in the mail on the last day of the period have been entered, there is no need to keep AP open. The accrual for receipts not yet invoiced has already occurred. It is based on the receiving transaction. Any invoice in any open group in AP may be a candidate for future reconciliation.

Payroll and Personnel Cycle

The Payroll and Personnel Cycle highlights all the procedures involved in a company's employee payment process.

To verify all labor has been recorded and payroll runs for the year have been processed, use the following prerequisites, activities and mandatory records.

Prerequisites For each period, verify the following:

• All labor has been recorded and edited.

• All payroll check runs for the year have been processed and posted.

Activities

• Reconcile payroll deduction and tax accrual accounts.

• Prepare a reversing journal entry to accrue wages earned but not yet paid. • Reconcile supplier deposits account(s).

• Prepare a reversing journal entry to accrue for all other wages earned but not yet paid. Types of wages to consider include paid time off (PTO), holiday, sick time.

• Reconcile payroll bank account (if separate from your main bank account).

Mandatory Reports Generate these reports after completing all prerequisite activity and before entering any future period transactions.

• Payroll registers • Employee Earnings

• Quarterly Tax Report

• W2 Records

Optional Records

• GL Distribution Report filtered by:

• Payroll

• Deduction Report

• Workers' Compensation Report

Housekeeping Items

• Maintain Payroll Employee Maintenance for inactive or terminated employees.

• Verify the accuracy of system users.

• Inactivate terminated employees.

• Update vacation and sick time balances for each employee.

Manufacturing and Inventory Cycle

Throughout the Manufacturing and Inventory Cycle, procedures from prior cycles are reviewed. There are also additional routines to complete before the fiscal year can close.

Prerequisites For each period, verify the following:

• All receipts have been recorded. This activity should have been completed as part of the prerequisites for the Acquisition and Payment Cycle.

• All pending shipments have been recorded and flagged as Shipped. This activity should have been completed as part of the prerequisites for the Sales and Collection Cycle.

• All labor has been recorded. This activity should have been completed as part of the prerequisites for the Payroll and Personnel Cycle.

• All materials that need to be issued to jobs have been entered.

• All receipts from manufacturing have been entered.

• All jobs that are candidates for closing have been closed.

Activities

• Capture COS/WIP activity. Select both check boxes - Post to General Ledger and Post Cost Of Sales/MFG Variance. If you select the Post to General Ledger check box and do not select the Post Cost of Sales/MFG Variance check box, most transactions will still post to the GL. The only transactions that will not post are shipments from WIP (MFG-CUS) and variances (MFG-VAR). The ending date should reflect the last date of the last fiscal period in the year you are closing.

• Reconcile all Inventory accounts.

 

Mandatory Reports Generate these reports after completing all prerequisite activities and before entering any future period transactions. Stock Status Report This report serves as the subsidiary ledger to the Inventory account. The cut off date should reflect the last date of the last fiscal period in the company's fiscal year. The report total on this listing is your inventory value using the valuation method identified for each part. This total should reconcile to the ending balance of the inventory account(s). It is desirable to select the report options Include Non-Stock Items and Negative On-Hand Balances when running this report for reconciliation purposes. Work In Process Report This report serves as the subsidiary ledger to the Work In Process (WIP) account(s). The cut off date should reflect the last date of the last fiscal period. The report totals on this listing should reconcile to the ending balance of the Work In Process account(s). Open DMR Status This report serves as the subsidiary ledger to the DMR account. It includes subtotals for each DMR and a grand total of the value of all open DMRs. The report total on this listing should reconcile to the ending balance of the DMR account. Receipt Inspection Pending This report serves as the subsidiary ledger to the Inspection account. It lists all items that have been received to inspection through the receipt entry program and are awaiting inspection. The report total on this listing should reconcile to the ending balance of the Inspection account.

Optional Records

• Inventory WIP Reconciliation

• Inventory Journal

Housekeeping Items

• Review the Job Status Report. Address any jobs showing delinquent days that may have been put on hold or cancelled.

• Move Shop Warnings to history.

Close the General Ledger

Prerequisites

• Verify all subsidiary ledgers have been generated and reconciled to corresponding accounts.

Activities • Verify and post recurring journal entries.

• Process and post remaining GL allocations.

• Enter and post general journal entries for:

• Accruals

• Depreciation

• Commissions

• Inventory Reserves

• Allowances

• Reconcile all suspense accounts. Re-classify any transactions to the appropriate account(s).

• Post adjustment entries to the appropriate period(s) or closing period(s).

• Use Close Fiscal Period/Year to close the fiscal year in each relevant GL book.

• Transfer opening balances to the new fiscal year in each relevant GL book.

Records All reports in the GL can be generated on demand. The book, fiscal year, and fiscal period control the data that prints on these reports.

• Financial Statements The year end financial statements are the most important reports a company processes. More than any other monthly reports you prepare throughout the year, these statements are used for tax preparation, future reference, and decision making. For that reason, companies spend a lot of time making sure their financial statements contain and reflect accurate information. • General Ledger Report

• Trial Balance Report

• Annual Total Journal Report

Close the General Ledger

• GL Journal Listin(s)

• GL Segment Report (if balances are maintained on segments other than the natural segment or if dynamic segments are in use.)

Year End Accounting Checklist

Consider the suggestions included on this checklist for each business you are working with to ensure year end books are accurate.

Tip The last step of the year end process is to check your Sales, Cost, and Expense accounts. Compare the account balances to those of prior years to see if any increase or decrease is reasonable.

Year End Checklist

• Are there any accounts receivables that are worthless and should be written off?

• Is my balance in Allowance for Bad Debts a reasonable estimate of potential write-offs? 

• Have we recorded all payables?

• Does my general ledger bank balance reconcile to the bank statement?

• Is the company's inventory balance correctly stated?

• Are there inventory items that cost more than their worth and should be written down to their market value?

• Are there any prepaid items that need to be adjusted such as prepaid insurance?

• Have all assets been reviewed for accuracy?

• Do the payroll tax liabilities coincide with our quarterly reports?

• Do the balances in the notes payable accounts (loans) agree with what the banks say we owe?

• Are there other debts that have not been included on the books?

• Are there debts on the books that no longer exist because of forgiveness or oversight?

• Is my depreciation correctly recorded for fixed assets still in the company's possession? This item is only important if your company has the Asset Management Module licensed.

• Are any increases or decreases reasonable to my Sales, Cost, and Expense account balances when compared to those of prior years?

 

Dora Chavarria  
Sr. Consultant Analysis Services,
ERP  
Mayan Technologies USA, Inc. dchavarria@...







www.mayantechs.com 

 

 

On Tuesday, June 2, 2015 3:16 PM, "Manasa Reddy manasa.reddy@... [vantage]" <vantage@yahoogroups.com> wrote:

 

 

 

Would anyone be willing to send me a copy of their month end closing process for version 10?

If so please email me off list to manasa.reddy@....

TIA,  Manasa

 

IMPORTANT NOTICE FROM API: This communication, including any attachments, contains information that may be confidential or privileged and is intended solely for the entity or individual to whom it is addressed. If you are not the intended recipient, please contact the sender immediately and delete this message. Any unauthorized disclosure, copying or distribution of this message is strictly prohibited.

 

IMPORTANT NOTICE FROM API: This communication, including any attachments, contains information that may be confidential or privileged and is intended solely for the entity or individual to whom it is addressed. If you are not the intended recipient, please contact the sender immediately and delete this message. Any unauthorized disclosure, copying or distribution of this message is strictly prohibited.

IMPORTANT NOTICE FROM API: This communication, including any attachments, contains information that may be confidential or privileged and is intended solely for the entity or individual to whom it is addressed. If you are not the intended recipient, please contact the sender immediately and delete this message. Any unauthorized disclosure, copying or distribution of this message is strictly prohibited.