Accounts Receivable Month-End Processing

Month-end date:________________________

Transaction cut-off date:_______________________

Responsible person:_____________________

Date reconciled:_____________________________

Confirm the Processing Date is set for the month you are closing.

Update

Confirm the following daily processes are completed:

  • Accounts Receivable |Data Entry | Draw Request – Verify that all AIA billings are updated to Invoice/Credit Memo Entry. (Click the Update button and then click Display. Enter the through date. Verify there are no draw requests with a G/L date as of the period end.)

  • T+M | Data Entry |Update Billings – Verify that all T+M billings have been transferred to Invoice/Credit Memo Entry. (In the A/R Invoice Batch Code window, verify there are no batches that need to be transferred).

  • Accounts Receivable |Data Entry | Customer Invoice – Confirm all AR invoices have been updated to the Customer File and General Ledger. (Click the Update button. Press F4 at Batch code field. Press Enter and verify there are no unposted batches.)

  • Accounts Receivable |Data Entry | Cash Receipts/Adjustments – Confirm all cash receipts have been updated through the cut-off date. (Click on the Update button and select Preview. Make sure display is blank, indicating all items have been updated for the month.)

  • Accounts Receivable |Data Entry | Finance Charges – Update finance charges to include the charges on customer statements, if applicable.

Reconcile

  • Accounts Receivable |Period End | Trial Balance – Print the Accounts Receivable Trial Balance for Exceptions Only. Ensure the report is blank, indicating there are no exceptions.

  • General Ledger | Reports | Trial Balance

    • Select the applicable fiscal year and fiscal period.

    • Select the trade receivables account and retention receivable account and any other receivable accounts to obtain the total for all accounts.

    • Print the G/L Trial Balance Report.

  • Accounts Receivable |Reports | Aged Open Items.

    • Enter the period end date.

    • Select the Include paid invoices check box.

    • Run by Customer and Summary to obtain the total.

    • Print the Aged Open Items Report

Verify balances in Accounts Receivable and General Ledger

  • A/R Open Balance: __________________

  • General Ledger: __________________

Month End Accounting Reports to Print and Retain

  • Accounts Receivable Aged Open Items – Print the detailed version

  • Sales G/L Distribution

  • Cash Receipts G/L Distribution

  • Customer Sales

  • Sales Register

  • Customer Statements (if applicable)

  • Sales Tax Report (if applicable)

Change Processing Dates

  • System Administration | Change Processing Dates - Change the processing dates to reflect the new period.