Monthly Closing & Reconciliations Presented by Bronwyn Duprey
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
Introduction Your name Company Name Responsibilities within the company Experience with Timberline What you expect to learn
File Types There are two main file types: Master files Transactions Files There are three types of transactions files New Current History
File Types Exceptions Accounts Payable Master file = Current Cash Management Register = Current Contracts Active = Master and Transaction
File Types Other File Types System files Payroll Property Management Standard Accounts Receivable Billing Contracts Equipment Activity Accounts Receivable
Basic Data Flow
Data Flow Between Applications
Data Flow Between Applications
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
Reconcile Applications to General Ledger Identifying account numbers to reconcile AP Settings
Reconcile Applications to General Ledger Identifying account numbers to reconcile AR Settings
Reconcile Applications to General Ledger Identifying account numbers to reconcile PR Settings
Reconcile Applications to General Ledger Identifying account numbers to reconcile CM Bank Account Settings
Reconcile Applications to General Ledger Identifying account numbers to reconcile JC Settings
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
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
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
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
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
Reconciliation Tool Only available from Sage Desktop Located under Additional Tools Let s take a look
Other Tools Monthly Tasks Workflow Center Reconciliation Log My Tasks Sage Timberline Office Knowledgebase (www.sagetimberlineonline.com) KB172180 Reconcile voided checks in the month that they occur KB175951 Report to reconcile the employees check file totals to their employee file totals for deductions 7x Accounts Receivable to GL (procedure & reports)
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)
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
GL Settings Processing Options
AP Settings
PR Settings
JC Settings
AR Settings
CM Settings
Summary Data Flow 2 Ways to reconcile Within the applications To GL Reconciliation Tool & Other Tools Month-End Checklist & Tips Error Prevention Techniques & Tips
Summary QUESTIONS??
Your Aktion Contacts Consultant Bronwyn Duprey 7650 Rivers Edge Dr Suite 150 Columbus, OH 43235 bduprey@aktion.com Office: 614-840-9880 ext 407 Cell: 614-634-8804
Thank you for attending. Presented by Bronwyn Duprey