Monthly/Quarterly Procedures

Learn about the Monthly/Quarterly procedures.

  • If the same journal entry is made over and over again, use Recurring Journal Entry to create a recurring journal entry which could then be posted on a monthly basis or only when specifically activated.

  • A Recurring Journal Entry Report may be printed in journal entry or General Ledger account code order. Use this report to verify the entries.

  • Use Recurring Journal Entry Update to post recurring journal entries to the regular journal entry file. The program does NOT automatically update to General Ledger, but journal entry detail is updated using Journal Entry Report and Update.

  • Print a G/L Trial Balance Report at period end to show all activity for the month, and balance the General Ledger. If a Trial Balance shows that General Ledger is not balanced, contact the software support desk immediately. Although there are safeguards to prevent the accounts from being out of balance, an electrical surge or equipment failure could cause such an error. The problem should be corrected immediately. Print another Trial Balance Report after the problem has been resolved to make sure the data is correct.

  • Use Design Financial Reports to design and print special period end financial reports.

  • Run the Consolidated Financials Update to update the data that merge balance and budget amounts.