2. Insight Balancing

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

4. 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

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

6. 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

7. 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

8. 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.

9. 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

10. 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

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

12. 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

13. 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

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

15. 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.

16. Professional Computer Systems, Co.
3710 Timberline Drive
Denison, IA
(712) (712) Fax