Insight Balancing

Intro To paraphrase Shakespeare, “to balance, or not to balance: that is the question.” There is only 1 correct answer

Repetition We’ve had sessions on balancing at many recent user meetings. Why again? We get several questions about balancing New users March 2018 User Letter article

Why balance? Make your life easier Makes annual audit easier A best practice It’s important for accurate financial statements

But the software should balance But isn’t the software supposed to automatically balance? GL entry to a/c 143, 154, 232, 392, etc. If inventory is in balance with the GL and you make a GL entry to the 154 account, guess what? Know how the PCS system works Communicate with other users in the office

When should you balance? Consistently; as part of subsidiary month-end close Monthly for many accounts, less frequent for certain accounts is probably ok. Doing it occasionally makes it more difficult. And it’s easier to find & fix a problem if you only have to go back 1 month A strict definition is that every GL account on the balance sheet should tie to something Make a balancing/reconciliation plan and write it down on paper

Document the process Document the reconciliation/balancing process Balancing to PCS module or external doc Any difference should be identifiable and documented Aids during annual audit Don’t have to rely on memory. Use Notes.

Insight reports Insight has a few reports that can’t be run for a prior point-in-time. Print or save as PDF. Inventory balance report CPR balance report Fixed asset balance report Open work order report Capital Credit grand total report

But… Item Period Balances Open WO Cost for Prior Periods If beginning balances were entered in a transaction batch Open WO Cost for Prior Periods

Balancing reports AP: AP Vendor Balance by Period AR: Period Balances PR: Benefit Summary

Cash Manager bank rec Ideally, bank rec screen should show a difference of $0.00 Dates and timing. Cash entries dated the 29th/30th/31st or 1st/2nd can cause timing issues Don’t cheat – if you disburse checks on June 1 they should be dated June 1 – not May 31

Your homework Are your subsidiaries in balance with the GL? Work toward that goal. It’s not an overnight process. Write down a plan and follow it

Mission Statement Our mission is to assist utilities to be successful by providing high quality solutions.

Confidentiality Statement Professional Computer Systems, Co. (PCS) holds this presentation to be proprietary and requires all readers hold the information it contains in strict confidence. The material is provided to assist in evaluating PCS’s application as it pertains to meeting your business requirements. No copies or other distribution is permitted without prior written approval from PCS.

Professional Computer Systems, Co. 3710 Timberline Drive Denison, IA 51442 (712) 263-3106 (712) 263-8145 Fax 888-843-3106 www.pcsco.com