How to process a month end
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Contents
Summary
The following steps will take you through what to do on your month end step by step.
More Information
If you are running the full accounts system there are various procedures you have to go through at the end of a financial period (in Platinum this is one calendar month) to produce your end of month reports and to allow you to close off a period and move into the next financial period.
The majority of these processes will produce printouts. Please make sure your printer is switched on, is loaded with paper and is on line.
Financial Period Check
Check the Financial Period is set to the month you wish to close off.
Go to " Reports & Settings Set New Financial Period".
- Set the financial period to the one you wish to close.
Sales Ledger
After the last Sales Invoice for the month is complete, the following reports may be extracted:
Daybook Listing
Go to " Sales Ledger Daybook Listing".
- This will give an audit trail for the postings to the Nominal Ledger and forms one very important part of your V.A.T. records.
 | This part of the month end MUST be run with the "Update Nominal" option set to [Yes] to see the Sales Ledger figures on the " Trial Balance". For more information on this see HERE and HERE. |
 | Make sure you have a complete printout before accepting the Daybook. |
Aged Debtors Listing
Go to " Sales Ledger Aged Debtors Listing".
To print the " Aged Debtors Listing" as at the end of the current financial period so that you can reconcile it to the Sales Control account on the balance sheet at the same point, use the following procedure.
- Select the [Calculational] Tab.
- Set "Ignore Documents Beyond Current Accounting Period" to 'Y' for Yes.
- Click <Print> to print the debt list. The heading on the print out will read 'Aged Debt List At DD/MM/CCYY', where the date shown will be the last day of the current financial period.
Specific Month Cost Centre Report
Go to the " Sales Ledger Maintenance Options Centre Maintenance Print Monthly Turnover".
- Select " Specific Months Report" and enter the month to produce the report for i.e. '06' - June or '10' - October.
Purchase Ledger
After the last Purchase Ledger Invoice for the month has been received and posted onto the system or you have reached an appropriate cut-off point, the following reports may be extracted:
Daybook Listing
Go to the " Purchase Ledger Daybook Listing".
- This will give an audit trail for the postings to the Nominal Ledger and forms one very important part of your V.A.T. records.
| This part of the month end MUST be run with the "Update Nominal" option set to [Yes] to see the Purchase Ledger figures on the " Trial Balance". For more information on this see HERE and HERE. |
| Make sure you have a complete printout before accepting the Daybook. |
Aged Creditors List
Go to " Purchase Ledger Aged Creditors Listing".
To print the " Aged Creditors Listing" as at the end of the current financial period so that you can reconcile it to the Purchase Control account on the balance sheet at the same point, use the following procedure:
- Select the [Calculational] Tab.
- Set "Ignore Documents Beyond Current Accounting Period" to 'Y' for Yes.
- Click <Print> to print the creditors list. The heading on the print out will read 'Aged Creditors List At DD/MM/CCYY', where the date will be the last day of the current financial period.
Specific Month Cost Centre Report
Go to " Purchase Ledger Maintenance Options Centre Maintenance Print Monthly Turnover Specific Months Report".
- Enter the month to produce the report for i.e. '06' - June or '10' - October.
Reports & Settings
The following report needs to be run from the Reports & Settings system.
Monthly Audit & Cashbook
Go to " Reports & Settings Reports Monthly Audit & Cashbook Normal Monthly Audit".
- Press <Enter> to use the Current Accounting Period as the month to audit.
This forms another very important part of your V.A.T. records (V.A.T. Audit) and also provides a cashbook. When you have a complete printout, press <Enter> to accept the audit.
 | If you get a message that there is UNPROCESSED DATA for any months, press <Enter> to continue and you will then be asked to accept or ignore the report that you have just run. When you have a complete printout, press <Enter> to accept the audit trail. Go back to the " Monthly Audit & Cashbook" and select " Audit For Months Before a Given Date". Press <Enter> to use the same date as for the " Normal Monthly Audit" and this will process any data which has fallen into previous months so has not been through the Monthly Audit report. |
Nominal Ledger
The following reports/processes need to be run from the Nominal Ledger.
Trial Balance
Go to " Nominal Ledger Trial Balance".
- When the report is on the screen, press <F2> to print the Trial Balance. This allows you to check balances on each Nominal Code especially for the major control accounts e.g. Current Bank Account, Cash in Hand, Sales & Purchase Control and V.A.T. Outstanding.
Profit & Loss Report
| This option is printout only. |
Go to " Nominal Ledger Profit & Loss Run Profit & Loss Report".
- Once you have a complete report, move on to the next step.
Balance Sheet
| This option is also printout only. |
Go to " Nominal Ledger Balance Sheet".
- Once you have a complete report, move on to the next step.
Reports & Settings
The following reports/processes need to be run from Reports & Settings.
The V.A.T. Report need only be run at the end of the quarter, but feel free to look at it as often as you wish!
V.A.T. Reports
Go to " Reports & Settings Reports V.A.T. Reports".
- The month and year that is shown should be the end of the current quarter. Click [OK].
Final Financial Period Change
Go to " Reports & Settings Set New Financial Period".
- Move the Financial Period on to the next month in the financial year.
- Ensure that you press <Enter> to select the new period.
Sales Ledger
The cleardown will clear all transactions from the Sales Ledger which have been fully processed. They are then archived and stored in Document History (provided the "Transaction Archive Parameter" is set to 'Y').
| This option is not mandatory for the month end procedure, however, if you do perform this cleardown, you may find it helpful to leave the last quarter's history uncleared. |
Clearing down
Go to " Sales Ledger Cleardown".
- Press <F2> to cleardown all the complete documents.
| This routine may take quite a long time to complete, so ensure that you have plenty of time in which to do this. This removes from the system all transactions with zero balances that have had all the necessary analysis done on them and either puts them into the transaction archives or eliminates them into free space. In most cases, they will be archived and can be retrieved using the " Transaction Archives" option in " Reports & Settings". It is nevertheless useful to have a full system backup. |
| If you are on the final month of your year end you will need to close the year off and move into the new year (i.e. be on the first month of the new year) before you will be able to do the cleardown for the last month. For help on how to do this click HERE. |
Purchase Ledger
The cleardown will clear all transactions from the Purchase Ledger which have been fully processed. They are then archived and stored in Document History (provided the "Transaction Archive Parameter" is set to 'Y').
| This option is not mandatory for the month end procedure, however, if you do perform this cleardown, it is good practice to leave the last quarters history uncleared. |
Clearing down
Go to " Purchase Ledger Cleardown".
- Press <F2> to cleardown all the complete documents.
| This routine may take quite a long time to complete, so ensure that you have plenty of time in which to do this. This removes from the system all transactions with zero balances that have had all the necessary analysis done on them and either puts them into the transaction archives or eliminates them into free space. In most cases, they will be archived and can be retrieved using the " Transaction Archives" option in " Reports & Settings". It is nevertheless useful to have a full system backup. |
 | If you are on the final month of your year end you will need to close the year off and move into the new year (i.e. be on the first month of the new year) before you will be able to do the cleardown for the last month. For help on how to do this click HERE. |
See also
- What should I consider at month end?
- How do I Process a Year end?
- Clearing any unprocessed transactions at a year end
- Month end Vehicle Integration to Nominal Ledger.
- Stock Integration to the Nominal Ledger
- How do I send a Printout to a File?
