Month-end Process

Created by Allison Cloyd, Modified on Sun, 22 Jan 2023 at 05:55 PM by Robert Butler

In order to ensure that your Actionstep accounting gives correct results throughout the year we suggest the following process at the end of each month: 

  • Complete a Bank Reconciliation at Month End for every Bank account

  • Run your Billing to the Month End

  • Raise any Credits or complete any write-offs required

  • Print and post Debtor Statements

  • Print your WIP Report for the end of the month - this will give you a WIP figure if you require it for any accounting adjustments

  • If your legislation allows it - apply any Trust Funds to invoices (in some jurisdictions this cannot be done immediately)

  • Set the Lockout date on the Trust Accounting - this date can be set prior to the Lockout date on the accounting but cannot be an earlier date than the accounting lockout date

  • Print and Return any Trust Reports as required in your Jurisdiction

  • Enter all the Supplier Invoices 

  • Reconcile the Supplier Statements

  • Process any regular adjustment Journals identified by your business

  • Look at your reports. We do suggest printing your Income Statements for the last six months with each month in a separate column. This will allow you to see where you may have missed a transaction: ie the prior 5 months have a charge for cleaning, this month doesn't - have you missed an invoice?

  • Once you are happy with the result we do recommend that you re-set the Accounting Lockout date (found under Admin > Accounting > Accounting Preferences) to prevent users from making changes

Related Articles: