Processing Month End in Accounts Receivable

You can find out what period you are in by checking out the top right of each module.  We are looking at the Accounts Receivable Menu so we find out here the current period for Accounts Receivable. 

Invoices need to be keyed in the current period.  Sometimes it is not possible to be ready on the last day of the month to change to the new month.  You have two choices in Synergy if this happens.

  1. Tick on every invoice, receipt, credit and quote manually click the Future button. This will change the date to the computer date giving you time to complete all the tasks on the month end menu.
  2. Click Company/Setup -> Accounts Receivable -> Default Transaction Period.Change this to Future.  It will then automatically tick the future box on every invoice, receipt, credit and quote until you change months.  Then this will change back to current automatically.

NOTE: Adjust Stock ignores this flag

To change from One month to another, there are a number of processes to complete, you will find these detailed below:


Daily Processing is Complete:

  • All invoices for the month need to be finished when rolling Accounts Receivable.
  • If you have POS, make sure back office has been updated from POS.
  • Finalise stock take (If a stock take has been done).
  • Allocate any unallocated payments – Manual Allocations, Click on account, Allocate. Once all allocated then you can exit.

Accounts Receivable Control Account:

  • Check Balance, it must be ZERO. (this is located between the two boxes below)
  • Check that the total invoices and credits in the top box match the total invoices and credits in the GST section.

NOTE:  If the Check Balance is not zero or the invoices do not match, please print the control account and contact your support provider before going any further.


Accounts Receivable -> Reports Menu -> AR Control Account




Journal Entries

Balances on the control account report require you to run the Journal List report and print it,  (you will need this for balancing the G/L batch later).  Accounts Receivable  -> Reports Menu -> Journal List

Once this validation has been completed:


Click on Month End Menu

 

Menu Option

Instructions

Do you want to charge Interest and/or Booking Fees on an Overdue Amount?

    Monthly

    7 Days (if applicable)

1.       You will need to setup the system to do this.

2.       Run this option at Month End by highlighting in the menu and click run, select the clients that need interest charged and generate the invoices.

Match Ageing

This looks for negative and positive amounts on a Clients account and matches off.

Print Statements

   Monthly

   7 Days (if applicable)

 

Do you have any Charge Accounts?

Make sure you run statements for them.  This will be their reminder to pay you.   Remember to put in a message at the top of the screen if appropriate.

 

Note:  The statement can be customized to use Company Logos.

Audit Trail

Do you want to produce an Audit Trail report of transactions that have been done in the month?  You can reprint the report at any stage.

Print Key Reports – you can select the reports you want to run on a regular basis and save as Default.

Very Important:  Produce the Key reports your Business Needs to run from.

 

Once the screen is up click on Accept to run the reports.  If you want another report just pop it over to the right side to run.

 

NOTE:  If the key values on these reports do not agree then contact your Support Person and Do not Continue.

Post to GL (AR)

This will Post all the invoices, payments etc that have happened in the Accounts Receivable System to the General Ledger. 

 

Make sure you tick the Print Batch Box and then Click “Post to GL”.

 

NOTE:  If you are running GL you MUST do this before End of Month Balance Forward.  If you get any errors in this process please contact your Support Person and Do not Continue.

Post to GL (AR)

This will Post all the invoices, payments etc that have happened in the Accounts Receivable System to the General Ledger. 

 

Make sure you tick the Print Batch Box and then Click “Post to GL”.

 

NOTE:  If you are running GL you MUST do this before End of Month Balance Forward.  If you get any errors in this process please contact your Support Person and Do not Continue.

 

General Ledger Validation Reports

Listed below are the validation reports to be run when using Synergy General Ledger:

  1. Total on Aged Trial Balance matches total debt owed on Control Account.
  2. Net total on Control Account matches 1st line on Batch Report.
  3. Net GST on Control Account matches GST on Batch Report (last few lines)
  4. Match Category Sales Report to the rest of the Batch Report. Taking into account any Journals as these will change the totals.
  5. Journal Report (printed earlier) will show to which codes Journals have been done. When matching above reports (4), the codes that have Journals done to them will not balance, the difference should be the amount of the journals off the Journal Report.

    Backup your system

    Do your normal backup, all copies of Synergy need to be closed including the Booking Diary, Pos and pumplink when backing up.

    End of Month Balance Forward – run this on the main computer. 

     

    NOTE:  It is essential that you make sure everyone is out of the system.  If not you will get the message below:


     

    Highlight End of Month Balance Forward and click Run

    Click Continue

     

    NOTE:  If you have not successfully completed some of the tasks above this step will not complete.  You will be given an error message.  Complete the task it is telling you about and then try again.