Month end accounting / balancing procedures

• Inventory Value Reconciliation (this is time sensitive).
• Create and save a PDF of the Inventory Valuation By Item Number (Plus Unshipped). (Since this report shows your inventory at that exact moment in time, when possible, print or PDF this report on the last day of the month--or in other words, before shipping any items on any Sales Orders the following month).
• Banking Account Reconciliation
• Verify the Reconciliation of all Banking / Checking Accounts.
• Verify the Reconciliation of all Credit Cards and Credit Lines (that have monthly expenditures or monthly interest accruals).
• Create PDF of Check Register report, sorted by Date as of the closing date.   
• Note: Open Check Register > Click Print > Enter very early From Date (such as 1/1/2000) > Enter To Date equal to the last day of the closing period > Sort by Date > Print
• Open the Invoice Batch Create and view or print to make sure that there are not any open Sales Orders that are slipping through the cracks.  (If necessary, create Invoices for any Sales Orders that have been Shipped but have not been Invoiced).
• Post any journal entries for depreciation of assets, etc
• Create PDF of Open Purchase Orders by Date report to make sure that there are not any open Purchase Orders that are slipping through the cracks.
• Open the Cost Analysis found on the Accounting Menu. 
• Post all Transactions (using the Batch Post screen, when all users are out of the system)
• Balance AR: Create PDF of AR Statement Summary (Historical) and compare the bottom line Total with the AR Balance on the Bal Sheet.  (For example, if the end date on the Balance Sheet was 5/31/09 then the AR Statement Summary would need to have a very early beginning date, such as 1/1/2000 and the same cut-off date.
• Balance AP: Create PDF of AP Statement Summary (Historical) and compare the bottom line Total with the AP Balance on the Bal Sheet.  (For example, if the end date on the Balance Sheet was 5/31/09 then the AR Statement Summary would need to have a very early beginning date, such as 1/1/2000 and the same cut-off date.
• Create PDF of Balance Sheet through end of effective month you are closing.
• Run Data Audit tool – in Tools, Admin Tools menu to find records that have invalid or missing values (such as on new Customers, etc).
• Close the previous months financial period(s):
• Pick a particular # of days past the end of the month to allow all applicable Bills, Invoices, etc to be entered that pertain to that period.
• When you are confident that the numbers are where they should be, and don't want anyone to have the ability to change them, close that period using the Financial Periods screen:
• Click Accounting (menu) > Financial Periods > Then click on period you want to close > then click the Close Period button.  (This will prevent any additional changing or postings/unpostings for this period of time).
• Note: Periods must be closed in consecutive order.  For instance, if you are trying to close May of year X and the last closed period for year X was January, you will need to close February of year X first, then March, etc)
• Add (or subtract) items to (or from) this list as necessary.

Keywords: Month End Year End Accounting Close Closing