How to – Balance and Month end DEBTORS
In order to do the month end in WIP and balance the ageing and control figures do the following steps for each Debtor Entity
1. Ensure that ALL transactions for the period have been captured and finalised.
2. ON the main menu, on the right , click on the wheel icon and select Recalculate Debtors Balances , select the Entity that you are balancing.( this should take not longer than 40 mins)
3. Go to the Debtors-Setup-Billing Entity screen, select the entity on the left
4. Check that the current period (on the left screen ) is marked as closed ( this is to prevent any new transactions for the period)
5. Create a new Billing period , for the next month.
6. From the main menu Select Debtors – Ledger menu option
7. Click on the switch view icon to show the enquiry with multiple columns.
Column 1 is the Active Balance which shows the balance, including any transactions for the new month
Column 2 is the ageing balance
Column 3 is the control or transactional balance.
Column 2 and column 3 totals should balance to each other and should balance to the control total for the period at the top screen
8. If they do NOT balance do the following
8.1 Select the filter icon and choose the filter Balance Differences
8.2 Click on the wheel icon and select Re-Calculate Balances
8.3 This should step through and re-calculate only the clients that have a balance difference, DO NOT run the recalc without setting the filter first as that would then recalc every single client for that entity.
(TIP : You can balance the Debtors for each partner individually, by first selecting the partner and then following the above steps)
9. Columns 2 and 3 should now balance to the control total.
( IF IT DOES NOT BALANCE , please contact Accfin for assistance)
10. Print the control report and check that it balances.
11. Email / Print the statements
12. Print the audit trails for Invoice, Credit Note, Receipt, and Journals
13. Do the above steps for each entity.
14. Go to the Debtors-Setup-Billing Entity screen,
15. Click on the wheel icon at the top and select – File Month End Reports
16. Select the reports/exports that you want to file and click the green tick.
(TIP : this may a take a while to generate, suggest you run it overnight)
17. When completed, the reports you select would be generated in PDF form and filed against the Debtors Entity period. These reports can then be accessed at any time. You can select and print any report, and if you chose to file reports per partner, then the partner specific reports can also be accessed )
18. If you selected Statements, then for each client, a PDF statement will be genereated and filed for each client. These can be accessed on the documents tab ,from the Ledger enquiry of the client.
19. Change the current period for each Entity to the new month.
20. When prompted to recalculate, select YES.
