Transcript Month End – Year End Procedures

Month End/Year End Procedures
VENTUS
Presenter: Linda Kennedy
How to Close the End of the Month
• Closing the End of the Month rolls the date in the
company file and flags completed transactions as
closed so that they do not show in the current
transactions screens in the new month.
• Each application will need to be closed
individually before the General Ledger is closed.
The three that do not need to be closed are
Service Management, Estimating, and Time &
Material.
By going to Maintain > General Ledger > Accounting Periods
Maintenance, you can quickly see if an application is closed, when it was
closed and by whom.
Note: If an application is not being used, it will remain blank – no need to
close it.
Close Applications
Each application is accessed the same way – through TASKS >
(APPLICATION NAME) > END OF MONTH
With the
exception of
Payroll, each
application has
the same End of
Month Closing
screen and
process.
• Double check that the Current Year and Current Period are correct
and then the New Period dates and then select Continue – and that’s
it! A message will pop up that the End of Month closing is complete.
AP to GL Variance Report
• This is a report to be used at month end to
help balance Accounts Payable and General
Ledger if they do not balance.
• Go to Reports > Accounts Payable > AP to GL
Variance Report
Example 1: When there is no discrepancy
Enter a Transaction Date range – the example uses 9/1/2013 to
9/30/2013 and the box for ExceptionsOnly is checked.
The report shows no discrepancy between AP and GL.
The last page of the report shows that a General Ledger journal entry was
made to the Accounts Payable account number.
Example 2: When there is a discrepancy
Enter a Transaction Date range – the example uses 7/2/2013 to
10/31/2013 and the box for ExceptionsOnly is checked.
The report shows the transactions where there is a discrepancy
between AP and GL.
The totals for both AP and GL are shown at the end of the report.
Close Payroll
The Payroll End of Month screen has additional instructions letting you know
that the End of Month process will clear the Employee Month-to-Date
accumulators and lists the specific reports which need to be printed as well
as making a current backup.
It is very important that you print out all of the reports listed under the End of Month Closing.
** There is now a New Feature in Payroll which allow you to go back and print them if you
forget!!
Running the End of Month routine clears the month-to-date
accumulators in each employee file on the Federal and State W2 Tabs.
BEFORE Closing End
of Month
AFTER Closing End
of Month
How to Print Payroll Reports
Choosing ALL is the best
option: it will give you
results for Month, Quarter
and Year.
Select every deduction
code used when running
the report. The report will
not run properly if you use
ALL instead.
PeriodEndDate should be Equal to 12/31/12 (not a range)
TotalLevel should be Quarter (not year)
ByDivision should always be set to Equal to.
Check the box if you DO want to print by Division. Leave unchecked if you don’t.
This is NOT the check date but
the first day of the batch for the
first payroll paid in Jan.
First day of Quarter 4
&
Last day of Quarter 4
Run for each State you
need – one at a time.
This is NOT the check
date but the first day of
the batch for the first
payroll paid in Jan.
First day of Quarter 4
&
Last day of Quarter 4
These are the
boxes that are
most
commonly
selected to
print.
Run for each State you
need – one at a time.
New Feature in Payroll
• A new feature has been added so that the
Employee Totals can be calculated from the
PR.TrxHistory Check table.
• This should be used if the Month end or
Quarter end routines have been run and you
realize you forgot to print the Payroll reports.
Shows the Payroll Company is set for September 2013 as the current
month.
Shows the employee file before accidentally closing the Quarter without
printing the Quarter end payroll reports.
Shows closing the Quarter. The period advances to October 2013
Shows the End of Quarter clearing completed. You suddenly realize that
you had not printed the payroll reports for the Quarter or the Month!!
Choose General Ledger accounting periods and take the check mark off
for Payroll as being closed for September 2013. Click Save.
Go to the company maintenance and choose Payroll Options. Change
the Current Month back to September.
Choose Tasks > Payroll > Recalculate employee totals from History.
This will look to the Payroll Company file for year and Month.
When it rebuilds the totals:
Month will represent September 2013
Quarter will represent July, August and September
Year will represent from January 2013 thru September 2013
You have the option to Continue or Cancel.
If you do not have a a current backup, cancel at this point. Once you
have chosen to continue, you will not get any more prompts.
After the process is completed you will receive this message.
Shows the rebuilt file. It rebuilds the Federal, State and Local
information.
Return to the Payroll Company file and change the month back to
October.
Return to the GL Accounting Periods for September of 2013 and put the
check mark back.
Close General Ledger
• After all other applications have been closed; it is time to
close the General Ledger. Tasks > General Ledger > End of
Month
• This advances the date in the company file and marks
accounting periods as being closed.
• If any General Journal entries are entered and marked
“Reverse”, it reverses those transactions.
• It will also mark transactions as being closed for that
month. This means that they will not appear so they can be
edited.
Please note that if one is accidentally skipped you will receive this screen
and message:
• Go back and close the applications it indicates are still open and then
return to Tasks > General Ledger > End of Month
• Once the screen shows that all applications have been closed, then
click OK and the process is complete.
General Ledger Report Options
• The General Ledger Report can now be further
filtered using a General Ledger Account Type
or Journal Code.
• This will aid in verifying the Financial
Statement to the Sales Analysis report.
Go to Reports > General Ledger > General Ledger Report
AcctType: Enter the Account Type code as a Range to include more
than 1 code or as Equal to for just one code. The default is All which
includes all calls.
The account type is used to identify the
different types of accounts that are stored in
the General Ledger Chart of Accounts.
Our standard financial statements will pull
from the following account types.
If you choose to use an account type other
than what is listed below, you will have to
change the standard financial statement
formats.
Journal Code: To choose specific Journal codes change to either Range
or Equal to and select the code from the drop down menu.
Journal Code Maintenance is used to identify
each source journal used with the General
Ledger and identify which application the
source journal originated from. The following
source journal codes are considered "default"
codes for Ventus, and you should not have to
create them.
Close the Year in Payroll
• From Tasks > Payroll > choose End of Year. You will receive the following
warning. If you have not printed your reports or made your backup, do
not continue. Click Cancel to exit and print the reports.
• **It is important to print these reports as once the year is closed, you will
not be able to go back and print them. **
Selecting the “Clear VACATION and
SICK Pay accruals” box will zero out
these fields in the Employee file.
Selecting the “Remove TERMINATED
Employees” box will delete payroll
history for terminated employees and
delete them from the employee file.
When you click “OK” a holding file
containing the W2 data will be
created. This holding file will remain
in the system indefinitely. W2
information will be available forever.
AFTER THE YEAR IS CLOSED:
•Enter the new Federal and State Tax Tables BEFORE processing the first payroll of the
new year.
•The tax tables can be accessed from Maintain > Payroll > Tax table Maintenance >
Federal.
•When processing the first payroll of the new year, verify that the checks are dated for
the new year.
•Employee Federal or State W-2 information can be edited from the W-2 FORMS option.
In the Options > System > Company Maintenance > PR Options tab > page 3, select 01/01/xx
for the date of the first paycheck.
** Make sure that you go to page 3 to put the first day of the new year.**
Put first day of New
Year here!!
This is ONLY for Mobile
Data! Skip to Page 3 to put
first day of year!!!
How to Close the Year in GL
• The End of Year Closing program is used at the
end of the year and after all Adjusting Journal
Entries are made. It will
– close the year for the General Ledger,
– post opening balances for the new year,
– close PNL Accounts into Retained Earnings and
– move the current period to the first period of the
new year.
Step 1: Verify the Retained Earnings Account
Go to Options > System > Company Maintenance > GL Options
Check that the Retained Earnings account number is correct.
Step 2: Verify that the End of Month Closing routine in all other
applications has been done before closing the year in General Ledger.
All applications except Service Management, Estimating and Time &
Material applications have End of Month closing routines.
Go to Maintain > General Ledger >
Accounting Periods to verify.
Find Period 12 for the year to be
closed using either the arrow by the
Year field or using the FIND button on
the bottom taskbar.
If there are any boxes in the Closed
column that do not have check marks,
this indicates that the application(s) is
still open. Run the End of Month
routine for the one(s) that may be
open.
Step 3: Close the year
Go to Task > General Ledger > Accounting Periods and Click OK.
** Be sure to check the boxes for Print closing report and
Print opening report. This is the only time you can get these
reports.
If for some reason something was missed in Step 2, one of the
following messages will be received.
If the current period for each individual
application is not set for the last period of
the year being closed, the message
CURRENT PERIOD must be 12 to close year
will appear.
If all other applications are closed and
the message CURRENT PERIOD is open
– please and then try again, it means
that the GL period 12 is still open.
When to use Update Account Balances
Update Account Balances will recalculate general ledger accounts
balances if a journal entry has been posted in a prior year. To update
account balances, from the Task Menu, choose General Ledger and then
choose Update Account Balances from the sub-menu. Select the year,
and click Okay. If prior year transactions have been entered, select prior
year, and then run update account balances again for the current year.
A message will appear when the process is
complete. This process may take a few
minutes.