This procedure is used to produce the month end reports that are used to substantiate the balances in your general ledger. The reports that are produced using this procedure are reports that will change as soon as processing occurs in the next period, and these reports may be needed to resolve any discrepancies between the various sub-ledgers and G/L control accounts. These reports are must be run at the end of the current period after all processing for the current period has taken place and before any processing occurs in the next period. Valid reports cannot be produced once processing begins in the next period.
1. Make sure all required transactions have been posted to the current period.
• Verify that all A/P invoices have been Entered.
• Verify that all A/P checks written 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)
• Verify that all inventory receipts have been posted,.and that no inventory activity is taking place.
2. Halt all processing in current period.
3. Run a Special Audit for the current period (optional but recommended especially for users who experience occasional hardware or network failures).
4. Print End Of Period Reports
1. Trial Balance
2. Accounts Receivable Aging
3. Accounts Payable Aging or Open Accounts Payable report
4. Inventory Valuation
5. Un-vouchered Receipts report
6. WIP Valuation
7. Pending Valuation