Clean Up – Monthly / Yearly Procedures Presenter: George Jackson

Post Recurring Entries Automatic Rental Payments Automatic Lease Payments

Accounting – Month End Procedures Month End Accruals (automatic reversal) Accrual from Job Cost WIP Report Accrual from Service Billing WIP Report Outstanding PO’s (if accrual method is not used)

Accounting – Month End Procedures Fixed Assets Monthly Depreciation Report Move Disposals to a “disposal” category Equipment Management

Accounting – Month End Procedures Inventory Count Count and make the necessary adjustments Post Journal entry for variance

Accounting – Month End Procedures Bank Reconciliation Reconcile Checks Post Statement Entries

Accounting – Month End Procedures Trial Balance Review accounts for reasonableness Reconcile control accounts

Accounting – Month End Procedures Aged Payable List Confirm all Accounts Payable and Subcontract invoices have been posted Confirm Accounts Payable and Retainage Payable balance to GL control accounts (using Aged Payables List) Aged Receivable List Confirm all Job and Service Invoices have been posted Confirm Accounts Receivable and Holdbacks Receivable balance to GL control accounts (Using Aged Receivables List)

Accounting – Month End Procedures Job Trial Balance Confirm and balance monthly amounts to GL control Accounts Service Billing Confirm and balance monthly amounts to GL Control Accounts

Accounting – Month End Procedures Balance Sheet Confirm for reasonableness (store in Digio) Income Statement

Create Budgets for the New Year Upload from Spreadsheet Copy from prior year actual values and edit Copy from prior year with a percentage increase

Accounting – Year End Procedures Accounts Receivable Transfer Paid Invoices to history (2 or 3 years back) Clear out old AR History (7 years back?) Summarize Customer Account (cannot be reversed)

Accounting – Year End Procedures Accounts Payable Transfer Paid Invoices to History Clear AP History (back 7 years?) 1099 adjustments 1099 report CDN Contract Payment Report

Accounting – Year End Procedures Payroll Year End Reports W2’s T4’s Change the Tax Year in the Payroll Profile

Accounting – Year End Procedures Job Cost Delete / Summarize Jobs (3 years back? Will we lose the detail)

Accounting – Year End Procedures Service Billing Remove Sticky Notes Close Out Work Orders (3 years back? Will we lose the detail) Automatic Closing Entry Revenues and Expenses are closed to retained earnings automatically Journal entry is required for those who use a “Current Year Earnings Account”