At the end of any period, the following tasks should be completed. Please note that some of these tasks require running reports on the period end date due to the perpetual nature of many of the reports.
1) Lock the G/L to prevent entry of new or changes to existing transactions prior to the lock date. To lock the G/L go to Admin > Config Settings > Config Settings and type ‘gl lock’ in the Name box. Set the date in yyyy-mm-dd format in the Value box for ‘GL Lock Date’ to the closing date and set ‘GL Lock Date Blocks Admin Also’ Value to ‘1’.
Export and save, on the last day of the accounting period, the following reports to reconcile with the Ledger.
NOTE: The Cetec ERP system does take daily snapshots of $ totals for AR detail vs AR balance sheet, AP detail vs AP balance sheet, inventory detail vs inventory balance sheet. See Accounting » Audit » Ledger Detail vs. Reconcile report for a log of these daily snapshot totals. That stated, the below snapshots are recommended for export and saving in your own drive as a safeguard.
1) A/R Summary via ACCOUNTING > A/R > A/R SUMMARY. Set the As Of date to the period end date. NOTE: You may want to run one report for each of the “Unapplied Cash?” options.
2) A/R Detail via ACCOUNTING > A/R > A/R DETAILS. Set the date range start date to a date prior to going live on Cetec ERP such as 2015-01-01 and the end date to the period end date. Set the As Of date to the period end date. NOTE: You may want to run one report for each of the Unapplied Cash? Options.
3) A/R By Customer via ACCOUNTING > A/R > A/R BY CUSTOMER. Set the As Of date to the period end date. NOTE: You may want to run one report for each of the “Unapplied Cash?” options.
4) A/P Summary via ACCOUNTING > A/P > A/P SUMMARY. Set the As Of date to the period end date. If the ‘Voucher GL Post Date - Use Received On’ config has a Value of 1, change the Date Type to Entered On Date. Otherwise, use the default Date Type of Invoice Date.
5) A/P Details via ACCOUNTING > A/P > A/P DETAILS. Set the date range start date to a date prior to going live on Cetec ERP such as 2015-01-01 and the end date to the period end date. Set the As Of date to the period end date. If the ‘Voucher GL Post Date - Use Received On’ config has a Value of 1, change the Date Type to Entered On Date. Otherwise, use the default Date Type of Invoice Date.
6) Unvouchered Receipts via PURCHASING > RECEIPTS > RECEIPTS LIST. Change Vouchered?, Non-Inventory? and Internal Vendor? options to No. You may want to run a second report changing Vouchered? and Internal Vendor? to No, but changing Non-Inventory? to Yes for a manual accrual of Non-Inventory receipts. (Possibly also run “pre-CETEC” date range through End of Period desired.)
7) Inventory List via PARTS > VIEWS/LISTS > LIST BY BIN. This is the authoritative inventory detail.
8) Balance Sheet via ACCOUNTING > REPORTS > BALANCE SHEET. Change As Of (Day End) to the period end date. If you have multiple locations, you may want to run a report for each location. If you have defined Cost Centers, you may want to run a report for each of those.
9) Profit And Loss via ACCOUNTING > REPORTS > PROFIT AND LOSS. The start date in the Date range should be already defaulted to the first day of your accounting year. Change the end date in that date range to the period end date. If you have multiple locations, you may want to run a report for each location. If you have defined Cost Centers, you may want to run a report for each of those.
10) In the event an Inventory, AR or AP report gets overlooked for export/save on an accounting period end date, a reconcile report exists to assist with reconciling those GL accounts and aging reports or Inventory List by Bin, via Accounting > Audit > Ledger to detail Reconcile.
1) Bank Reconciliation via ACCOUNTING > AUDIT > ACCOUNT RECONCILE. Click on New Reconcile, input the Statement Date and the Ending Balance. Select the ledger Account to be reconciled. Input a .csv or .xlsx file and Update or individually check boxes for Check and Payments and Deposits. Update and Close, then print the list of Reconciled and Unreconciled items.
1) When on a Balance Sheet, Profit And Loss or Retained Earnings page, you may see a warning (in orange) about open accounts for a year period with a link to close them into Retained Earnings. Click on the link. Review the Retained Earnings page, then click on Auto-Complete Retained Earnings. A Ledger Entry page will appear. Follow the instructions at the top of the page, scroll to the bottom of the page and click Submit Entry.
Here is a list of ledger reconciliation tools to utilize grouped by type.
NOTE: if no Export option, alternatively, while viewing the report, hit Ctrl P and save PDF.
1) A/R Invoice Vs Ledger Audit Report - Export and save on last day of accounting period
Run Frequency: Daily/Weekly/Monthly
ACCOUNTING > AUDIT > AR - INVOICE VS LEDGER
Purpose: Highlight deltas on a day by day basis, comparing Invoices, Credit Memos, Payments and Prepayments details vs Ledger entries.
2) A/R Validation Audit Report - Export and save on last day of accounting period
Run Frequency: Daily/Weekly/Monthly
ACCOUNTING > AUDIT > AR VALIDATION
Purpose: Value and number of Invoices, Payments, Unapplied Cash, and Credit Memos comparing A/R total with Ledger total, noting Delta (if any) with notes of items with bad dates and transactions in Ledger without Object ID’s.
3) A/R Reconcile Report - Export and save on last day of accounting period
Run Frequency: Daily/Weekly/Monthly
ACCOUNTING > AUDIT > RECONCILE LEDGER - Set Type to A/R and set G/L Account
Purpose: Compare Ledger entries to transaction Objects
4) A/R Summary - Export and save on last day of accounting period
Run Frequency: Monthly
ACCOUNTING > A/R > A/R SUMMARY
5) A/R Details - Export and save on last day of accounting period
Run Frequency: Monthly - Export and save on last day of accounting period
ACCOUNTING > A/R > A/R DETAILS
6) A/R By Customer - Export and save on last day of accounting period
Run Frequency: Monthly
ACCOUNTING > A/R > A/R BY CUSTOMER
NOTE: if no Export option, alternatively, while viewing report, hit Ctrl P and save PDF
1) A/P Validation Audit Report - Export and save on last day of accounting period
Run Frequency: Daily/Weekly/Monthly
ACCOUNTING > AUDIT > AP VALIDATION
Purpose: Value and number of Vouchers, Payments, and Debit Memos comparing A/P total with Ledger total, noting Delta (if any) with notes of items with bad dates and transactions in Ledger without Object ID’s.
2) A/P Reconcile Report - Export and save on last day of accounting period
Run Frequency: Daily/Weekly/Monthly
ACCOUNTING > AUDIT > RECONCILE LEDGER - Set Type to A/P and set G/L Account
Purpose: Compare Ledger entries to transaction Objects
3) A/P Summary - Export and save on last day of accounting period
Run Frequency: Monthly
ACCOUNTING > A/P > A/P SUMMARY (set Date Type)
4) A/P Details - Export and save on last day of accounting period
Run Frequency: Monthly
ACCOUNTING > A/P > A/P DETAILS
5) Unvouchered Inventory Receipts - Export and save on last day of accounting period
Run Frequency: Monthly
PURCHASING > RECEIPTS > RECEIPT LIST
No to Vouchered?, Non-Inventory? and Internal Vendor Purpose: To reconcile with Accrued/Unvouchered Receipts in Ledger (w/ A/P Accrual Account Balance)
NOTE: if no Export option, alternatively, while viewing report, hit CTRL P and save PDF
1) Inventory List - Export and save on last day of accounting period
Run Frequency: Monthly
PARTS > VIEWS/LISTS > LIST BY BIN
Purpose: This is the authoritative inventory detail.
2) WIP Report - Export and save on last day of accounting period
Run Frequency: As needed / Monthly
PRODUCTION > ORDERS > WIP MATERIAL REPORT
Purpose: Obtain total cost of Work Orders, Stock Orders or All, Open or Closed, with Bin Locations, Pick Dates, Locations and Production Lines.
3) WIP Aging Report - Export and save on last day of accounting period
Run Frequency: As needed / Monthly
PRODUCTION > ORDERS > WIP AGING REPORT
Purpose: Obtain total resale of Work Orders, Stock Orders or All, Open or Closed, with breakout of Material Cost, Estimated and Actual Labor Minutes, Estimated and Actual Setup Labor Minutes, Labor and Overhead Values and Production Lines.
(WIP Amount may be posted in the G/L as a rolling, monthly WIP accrual/reversal a common manufacturing accounting best practice.)
WIP Posting Steps: Frequency: Monthly or Annually (below is for Monthly)
1) Go to the WIP Aging Report (Production > Orders > WIP Aging Report). Set the ‘Show Totals’ checkbox on that report and click Submit. That should give you WIP totals for Labor and Materials.
2) If you do not have a WIP-Labor or WIP-Materials GL Account(s) set up, you should create one or both (can be combined or separate GL Accounts). You would navigate to Accounting»Chart/Ledger»Account List, click the blue Create Account button and fill out the Account Parent (Other Current Assets), Account Name and Account Number fields. Click the Create button. Repeat the process if setting up another WIP GL account, i.e. one for WIP Labor & one for WIP Materials.
3) You’ll then make a manual ledger entry for the last day of the month, using Add Reversing Entry? field in lower left of window for date for the first day of the next month, for those values (Labor and Material at least). Ledger impact for Material will Credit your Asset Inventory account and Debit your WIP Material Other Current Asset acct. Ledger impact for Labor will Credit your Payroll expense account and Debit your WIP Labor Other Current Asset acct.