1. Clean Up – Monthly / Yearly Procedures
Presenter: George Jackson

2. Post Recurring Entries
Automatic Rental Payments
Automatic Lease Payments

3. 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)

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

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

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

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

8. 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)

9. 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

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

11. 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

12. 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)

13. 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

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

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

16. 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”