Monthly Closing & Reconciliations. Presented by Bronwyn Duprey

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1 Monthly Closing & Reconciliations Presented by Bronwyn Duprey

2 Introduction Data Flow File Types Reconciling within an application Reconciling applications to General Ledger STO Reconciliation Tools Other Tools Month-End Checklist Month-End Tips Error Prevention Techniques & Tips

3 Introduction Your name Company Name Responsibilities within the company Experience with Timberline What you expect to learn

4 File Types There are two main file types: Master files Transactions Files There are three types of transactions files New Current History

5 File Types Exceptions Accounts Payable Master file = Current Cash Management Register = Current Contracts Active = Master and Transaction

6 File Types Other File Types System files Payroll Property Management Standard Accounts Receivable Billing Contracts Equipment Activity Accounts Receivable

7 Basic Data Flow

8 Data Flow Between Applications

9 Data Flow Between Applications

10 Reconciliation within an Application Why? What reports? Tips: Make sure you are looking at the correct range of account numbers in General Ledger Look for transactions in the GL report that don t belong Look for entries to the wrong account number in GL Look in the interfacing application reports for entries with no account number or the wrong accounting date

11 Reconcile Applications to General Ledger Identifying account numbers to reconcile AP Settings

12 Reconcile Applications to General Ledger Identifying account numbers to reconcile AR Settings

13 Reconcile Applications to General Ledger Identifying account numbers to reconcile PR Settings

14 Reconcile Applications to General Ledger Identifying account numbers to reconcile CM Bank Account Settings

15 Reconcile Applications to General Ledger Identifying account numbers to reconcile JC Settings

16 Reconciling Accounts Payable to General Ledger Period End Report for AP Accounts Open Invoices with Cutoff Date Invoice Aging w/cutoff Date GL reports to compare YTD Ledger range to select only the AP accounts Trial Balance range to select only AP accounts

17 Reconciling Accounts Receivable to General Ledger AR Aging Detail by Customer (CR) AR Aging Detail by Customer Name (CR) AR Aging Detail by Job (CR) AR Aging Detail by Contract (CR) GL reports to compare YTD Ledger range to select only the AR accounts Trial Balance range to select only AR accounts

18 Reconciling Payroll to General Ledger Burden by Debit Account Fringes by Credit Account Deductions by Credit Account Taxes by Credit Account Labor Costs by Account & Job GL reports to compare YTD Ledger range to select only the PR accounts Trial Balance range to select only PR accounts

19 Reconciling Cash Management to General Ledger Inquiry-Register Balance (to verify future balance) Bank Reconciliation Report (to verify current balance) GL to compare Inquiry Account Future Balance column Trial Balance range to select only cash accounts or YTD ledger ranged to select only cash accounts

20 Reconciling Cash Management to General Ledger Inquiry-Register Balance (to verify future balance) Bank Reconciliation Report (to verify current balance) GL to compare Inquiry Account Future Balance column Trial Balance range to select only cash accounts or YTD ledger ranged to select only cash accounts

21 Reconciliation Tool Only available from Sage Desktop Located under Additional Tools Let s take a look

22 Other Tools Monthly Tasks Workflow Center Reconciliation Log My Tasks Sage Timberline Office Knowledgebase ( KB Reconcile voided checks in the month that they occur KB Report to reconcile the employees check file totals to their employee file totals for deductions 7x Accounts Receivable to GL (procedure & reports)

23 Ensure all entries are made and posted. Reconcile detail to accumulated totals. Run Month-End Reconciliation Reports Reconcile to interfacing applications Error corrections & prevention Run & review month-end reports Backup files Close Month in each application File Maintenance (Optional)

24 Learn how data flows from one application to another and within each application Make sure all entries have been posted Work with small pieces instead of the whole company or year at once Make sure the reports you are using don t have any inappropriate conditions or ranges Make sure beginning balances were reconciled and haven t changed

25 GL Settings Processing Options

26 AP Settings

27 PR Settings

28 JC Settings

29 AR Settings

30 CM Settings

31 Summary Data Flow 2 Ways to reconcile Within the applications To GL Reconciliation Tool & Other Tools Month-End Checklist & Tips Error Prevention Techniques & Tips

32 Summary QUESTIONS??

33 Your Aktion Contacts Consultant Bronwyn Duprey 7650 Rivers Edge Dr Suite 150 Columbus, OH Office: ext 407 Cell:

34 Thank you for attending. Presented by Bronwyn Duprey

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