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Month and year end checklist

What do I need to do to complete a month and year end?

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Written by Valeriu Holtea
Updated over 6 months ago

Month end

This article explains the tasks you need to complete when running a month end. You can complete the following in any order.

Feature

Steps

Check paid bills

Run a debtors report. To run a debtors report:

  1. Launch Accounts Desktop then click Reports.

  2. Click Debtors then click Aged Debtors report.

Check through the report looking for any matters where there's a debt listed but the office balance is zero. Using Debtors enquiry:

  1. Enter the client reference then highlight the debt.

  2. Click Edit then enter the figure in the receipts column. This makes the debt zero.

Sometimes when you post a receipt and you don't allocate the receipt correctly against the outstanding debt. This avoids an incorrect figure showing on a report when you run your month end.

Post all bills and transfers

On the last working day of the month, make sure you transfer all bills and any funds to pay. Not only on the system but also the physical transfer of funds between your bank accounts.

Client to office transfers to pay a bill

You must document the transfer and appropriate postings done on the system to reflect the actual figure that moves between the banks. You have 14 days to transfer the funds into the clients account.
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It's advisable to produce the client to office transfer report weekly in order for you to check whether you can clear outstanding balances. It's necessary to regularly print out the detailed cashbook for all bank accounts which show payments that have been posted through the data but still remain unreconciled.

Bank reconciliation

To confirm that you’ve recorded bank transactions correctly, you can run a bank reconciliation. For full details on running a bank reconciliation, check our article on bank reconciliation.

Periods maintenance

You must open a new period on the first working day following the month end. It's easier to open the new period once all the month end reports have been ran.
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However, this isn't practical in some situations and shouldn't affect the month end procedure as reports can be produced for historic periods. You must open the period before any postings for that period are done.
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For further information and the process, follow our article on periods maintenance.

Year end

The year end procedure is the same as any month end with one exception. You must process the profit and loss journals but these can be left until any time up to the time the year end closes.

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