Period End Reporting (Accounting)

Topic: Period End Reporting (Accounting)

There is a set of standard reports that should be produced on a periodic basis, typically monthly and at the end of year.  The time when these reports can be actually run will depend on how quickly posting can be completed, e.g. all invoices; claims; bank charges, etc, which pertain to the period.

Perform a full Rebuild Data of the GL Report data prior to printing the final reports for the year, in particular a Trial Balance; Profit & Loss; and Balance Sheet.  Reconcile and Check all of the results in these reports.

Period or Year End Reports:

1.  GL Trial Balance; Profit & Loss; and Balance Sheet

2.  GL Account Enquiry (detailed General Ledger) for all accounts (exclude clearing accounts such as PAYG Tax, as these should have a nil balance and will unnecessarily increase the size of the report).  Note: the Bank Transaction report reflects all transactions for Bank accounts whereas the GL Account Enquiry will report Journal entries only for the Asset and Liability accounts nominated on the Bank.

3.  Bank Reconciliation (the Bank Transactions report may be used as part of the reconciliation exercise and supports the Bank account movements)

4.  Debtors Summary report (with a date range of the year): supports GL Debtors Control account providing opening balances have been reconciled.  Do not use the Live Only option if you are checking the Opening Balance total against the GL Opening Balance for Debtors.

5.  Creditors Summary report (with a date range of the year): supports GL Creditors Control account providing opening balances have been reconciled.  Do not use the Suppress Zero Balances option if you are checking the Opening Balance total against the GL Opening Balance for Creditors.  Do not use the Unpaid Invoice reports as these reflect unpaid invoices as at the current date and therefore do not represent an historic situation.

6.  Job Cost Summary report (for Jobs not complete at the reporting date) (select Jobs with an “End Date” Greater than the reporting date) (the report date range should be from a date prior to the commencement of all selected Jobs to the reporting date) to assist in Work-In-Progress and profit adjustment calculations

7.  Job Cost Summary report (with a date range of the year): supports the GL Cost of Sales and GL Income accounts for the year

8.  further detailed reporting can be generated as required by the Accountant and Management

Notes:

a. Date ranges: if in doubt about the appropriate report start date to use for subsidiary ledger reports, viz. Debtors; Creditors; and Jobs, then use 01/01/90 (or the minimum date recorded in the System Set-up, Defaults screen), and consistently use the same date.

b. New Year GL reports: if a GL Year end closure has not been performed and you need to report on a month end basis in the New year, then set the Next Year End date in the GL Dates screen to the required month end date.  Go to GL Reports and choose Rebuild Data and perform a Full Rebuild or Current & Next Year.  Once the desired reports have been printed, change the temporary Next Year End date back to its default setting.

Some integrity checks to perform on the system:

1.  compare the Creditor Summary report (all dates) to the Unpaid Invoice Summary (all dates) report.  The totals should agree on both reports and if they differ then check the Creditor Detailed report for each incorrect Creditor.

2.  perform a Find Orphan - Transaction search and fix any missing or incorrect codes.  There may be orphan transactions relating to cancelled cheques.  A suggestion is to create a Supplier with a code of Cancel and a name of “Cancelled & Void Cheques”

Report data in the General Ledger module.

4. ensure that after completing any corrections in 1 – 3 above, that the Opening Balances for Debtors and Creditors as per the subsidiary reports agree with the GL Opening Balances for the respective Control accounts.

End of Document