Daily Startup Procedure

This procedure should be performed at the beginning of each day, before any invoices are created or any payment transactions are processed.  The Daily Startup procedure ensures that transactions are posted using the correct date, accounting year, and period, and that any errors from prior processing have been identified and isolated.  Failure to perform this procedure can result in improper cut-offs on the reports which are used to balance AP activity and other problems.

•      Confirm that the AP sub-ledger has been reconciled to the ending balance in the AP control account as of the end of the prior day.  The procedure to prove that the sub-ledger and general ledger amounts are in agreement can be performed at the end of each day or at the beginning of each new day before transactions for the new day are processed.  Please see the section on Auditing Daily AP activity for more information about this procedure. Note:  If the sub-ledger and general ledger are not in agreement you should produce reports showing the balances of each and retain them.  You can then begin processing if necessary while the error is being resolved.

•      Confirm that the System Date is correctly set.   The system date determines the date that is used for transactions which are created during the day, and it is also written to the Entered_On date of all accounts payable transactions which are written to the journal entry file.  The Entered_On date must be correctly set in order to ensure that the correct transactions are included on the reports which are used during the daily balancing process.  The system date is normally changed as part of the night time process but it can also be set manually as required.  Please see the System Administrators Guide for more information about options for setting the System Date.

•      Confirm that the Accounting Period and Year are correctly set.  Transactions are posted using the general ledger period and year assigned to the operator processing the transactions. The system stores a default year and period which each operator “picks up” or defaults to as they enter the system.  Some operators can also be granted the ability to change their period and year.  It is very important that each operator uses the correct accounting period and year, and that these variables are updated correctly at the proper time.  If the correct year and period are not displayed, you should correct the problem before processing any accounts payable transactions on the system.  Please see the GL Documentation for more information.

More:

Invoice Verification