Run AR & AP reconciliation reports – Check these with the GL Balance and ensure that you are in balance. If there is an imbalance between AR/AP and your General Ledger Control accounts, seek assistance straight away. You can contact your accountant for advice, or book some consultancy time with our specialists.
Run AR/AP Sub Ledger Verification Reports – This is located in General Ledger | Reports and ensures that all batches posted from AP and AR have made it into your General Ledger. As above, if you find an error here, seek advice asap or book a consultancy session.
Run Trial balance and ensure the movement columns balance – If an end of year close hasn’t been performed for the previous year, there can be an imbalance in the total columns, but your debit and credit movement columns should always balance. Seek specialist advise if this is not the case.
Check Stock Valuation matches the GL Stock account – If you have been adjusting average stock values throughout the year and not adjusting the General Ledger to reflect this, you may need to do some end of year journals to bring this valuation back in line. This is best done after a full stocktake, unless you have been performing regular rolling stocktakes throughout the year.
Post all sales and purchase invoices – Ensure that all invoices are posted to AR and AP where possible. If overnight posting is active you can let this run, or you can manually post sales so you can take your backup for the end of year.
Tasks to complete ON June 30
At the close of business, post all sales and purchase invoices where possible. If you have overnight posting, ensure that you are able to take a backup after posting before trade starts for July 1. You can manually post in Sales Orders & Invoicing | Sales | Update Sales & Payments.
Run your AR and AP Aged Balances Reports – These reports can’t be printed retrospectively so if you need these reports for your accountant, run them now – note that you can save them to PDF, Excel or Text for future use. It is a good idea to be doing this on a monthly basis in case you need to refer to previous months’ reports.
Run a Stocktake Valuation Report and save to PDF or Excel. Again, this cannot be run retrospectively, so it is a good idea to run this report at the end of each month and save a copy.
Update your AR Period – if your purchase invoices have been entered for June, you can also update your AP period, you can manually change the period on single invoices in Stock Receipting. NOTE: you may need to first open the 2021 financial year – just go to General Ledger | Periods | Open/Close Financial Periods and in the box in the lower right corner type 21 and click OK.
TAKE A BACKUP! It is best to take a full backup of your data as at 30 June in case this is needed down the track. It may also be a good time to copy to the training system, just in case you’ve forgotten to run any reports. You can copy to training in Administration | Other | Copy to Training System.