1. Make sure all required transactions have been posted to the current period. The purpose of this step is to make sure that all transactions affecting sub-ledger reports are processed prior to running the month-end version of the reports.
• Verify that all A/P invoices have been Entered.
• Verify that all A/P manual checks have been posted.
• Verify that all A/R payments have been applied.
• Verify that all A/R invoices and credit memos have been produced and that no invoicing or accounting activity of any kind is taking place.
• Verify that sales for period have been posted (optional as the sales posting process does not change the balance on any end of period sub-ledger reports, and the system allows the operator to specify the period that each sales posting transaction will be posted to.)
• Verify that all inventory receipts have been posted, and that no inventory activity is taking place