Month-end Checklists OMD Vision

Transcription

1 Month-end Checklists OMD Vision This document is designed to ensure accurate Month-end reporting. The document is divided into two (2) sections: A Pre-Processing Procedures and B Month-end Reporting. Both sections contain detailed processing instructions and a checklist, which can be printed each month and filed with the reports. The instructions contain print screens that identify the parameters we recommend using when processing the reports. These parameters ensure that you are reporting the most complete information and will make it easier for you to balance the reports. A. Pre-Processing Procedures The pre-processing section is designed (1) to ensure that financial activity has been posted for all activity entered into the system and (2) to identify errors ahead of time that may hinder the Month-end Reporting section. Inventory Valuation (DK) - Process this report several days prior to the last day of the month for serialized products only to report any discrepancies, i.e. quantity on hand does not equal serial, so they can be rectified prior to processing the final Inventory Valuation (DK) report for the month. - When processing the report for equipment, you must check the Model/Serial # s checkbox under Show in order to report the above error condition. - This report will print serial numbers depending on the value of the Invoice Number field on the Customer tab in Serialized Equipment (CS). If the field is blank or begins with a C (indicating a credit invoice), the serial number will print on the Inventory Valuation (DK) report. The report does not look at the Available for Assignment checkbox on the Inventory tab of Serialized Equipment (CS).

2 Inventory Analysis (DL) - This report will provide a list of any product that shows a negative on hand quantity so they can be rectified prior to processing the final Inventory Valuation (DK) report for the month. Incomplete Purchase/Pmt (FS) - This report will provide a complete listing of all unmatched purchase orders, unmatched receipts and unpaid/unmatched Purchase Order Expense payable invoices by date sequence. The notification by date sequence of all unmatched activity provides a fast and efficient method to match transactions and complete necessary processing. - Since unmatched Purchase Order Expense invoices do not make financial entries, it is especially important to match all of these invoices for inventory that has been received so the appropriate financial entries can be made into the current period.

3 - Suggested report parameters (enter the first day of the current month to report the unmatched activity for prior month): A/P Balance Report (FU) - This report will provide a listing of all items showing in your Accounts Payable. The items to review on this report should be the Source: FRPYMT. FRPYMT stands for forced payment. FRPYMT is a payment against a Purchase Order Expense invoice which is not yet matched to a PO and Receipt. These are valid entries to have on this report as long as this is a cash-with-order payment and you are still waiting to receive the items. If the items have already been received, you will need to reconcile the paid invoice to the inventory receipt in the Reconciliation screen in Invoice Entry (FC). - Do you have any future dated invoices, checks or receipts that are invalid? i.e. An invoice is entered with a date of 03/28/22 when it should have been 03/28/08. Should you have this occur, refer to Help Contents Accounts Payable Troubleshooting Accounts Payable for steps to correct these errors. - Suggested report parameters (enter the last day of the month):

4 Open Order Report (HU) - This report should be processed daily as well as at Month-end to monitor customer backorders for shipment and invoicing. Suspect Order Report (HV) - Process this report to identify any orders with suspect conditions that may prevent them from being relieved from inventory and/or invoiced. - A listing of suspect conditions and their resolutions can be found under Help Contents Order Entry and Invoicing Produce Order, Backorder, and Invoice Reports Identify suspect conditions for all orders, backorders and work in process orders. - Suggested report parameters (enter the last day of the month):

5 Order Completions (HW) - Complete all backorders that have been shipped. This will prepare the completed orders for invoicing. - You may wish to run this task with a range of order categories, determined by your individual company procedures. - After running Order Completions (HW), you may wish to run Open Order Report (HU) to ensure that all orders were properly completed. - Suggested report parameters (enter the last day of the month): Suspect Service Activity (TI) - To retrieve a listing of calls that service technicians have completed but not yet submitted call statistics, process this report as follows. - For the Include Activity date range, enter an invalid date range. This will prevent other suspect activity from printing on the report, since it is not needed at this time and can be generated on a separate report. - Once this report has been processed the calls reported should be completed in Dispatch Central (TM). - Suggested report parameters (enter the last day of the month):

6 Payroll/Expense Report (TX) - This report should be processed prior to processing any service management reports to verify that all Service Personnel Daily Activity (TP) records have been updated for each service technician and working day. - Suggested report parameters (enter the prior month date range): Contract Invoicing (HX) - Process this task daily to generate invoices for contracts established in Contract Invoicing Setup (HL) and billable service tickets entered in Dispatch Central (TM). - Review any errors that appear on the Contract Invoicing Error Report and make any necessary changes. A listing of errors and their resolutions can be found under Help Contents Contract Invoicing Generate Reports Report on errors that prevent invoice generation or on suspect invoices. - Process Contract Invoicing (HX) again to generate invoices for the contracts previously shown on the Contract Invoicing Error Report. - Suggested report parameters (enter the last day of the month):

7 Contracts by Cycle Date (JK) - This task should be processed following the final generation of Contract Invoicing (HX) to verify that all contracts that are due to bill have been billed. - Suggested report parameters (leave the Include Billing Cycle Date From field blank and enter the last day of the month as the To Date): Cash Receipts Register (LJ) - Process this task daily to financially update cash receipts entered in Cash Application (LC) and adjustments entered in Account Adjustments (LD). - Once all cash receipts and account adjustments for the month have been entered, process this task to update financials accordingly. - The system will fill in the Cash Entry Date and Time fields. Do not make manual adjustments to these fields.

8 Verify Account Balance (LP) - Process this report to detect any inconsistencies between the customers account balance and the account detail. Also included will be any customer accounts that may have been deleted but still contain open activity. - Detailed instructions on how to resolve inconsistencies reported here can be found under Help Contents Accounts Receivable Accounting and Balancing Compare accounts receivable balance to open invoice detail. Invoice Print (JA) - Once all invoices are entered and completed, process this task to journalize the invoicing transactions and to update commission earnings. - This task will process all available invoicing transactions from Order Central (HN), Contract Invoice Generation (HX), and service tickets entered in Dispatch Central (TM).

9 Print & Expire Coupons (JD) - If your company does not use coupons, you may skip this step. - This task not only prints newly sold coupons, but also makes a transfer from the coupon liability account to revenue for any expired coupons. - Suggested report parameters (enter the last day of the month):

10 A. Pre-processing Procedures Checklist Complete this checklist (1) before activity for the new month begins and (2) before proceeding to the Month-end Reporting Checklist. Task Date Initials Inventory Valuation (DK) Inventory Analysis (DL) Incomplete Purchase/Pmt (FS) A/P Balance (HU) Open Order Report (HU) Suspect Order Report (HV) Order Completions (HW) Suspect Service Activity (TI) Payroll/Expense Report (TX) Contract Invoicing (HX) Contracts by Cycle Date (JK) Cash Receipts Register (LJ) Verify Account Balance (LP) Invoice Print (JA) Print & Expire Coupons (JD)

11 B. Month-end Reporting The purpose of this section is to compare detail information to financials in the major modules of the system to ensure that financials were posted properly. All of the following reports should be kept (either in hardcopy or electronic format) for historical purposes. The Financials have been permanently closed through date (or Permanent Close Date) in Financial Profile (SA) may be updated at the end of the month to prevent prior period entries into the previous month. This update is strictly done at your discretion and is not a required Month-end procedure. Do not update the Preliminary Close Date in Financial Profile (SA) as this will cause possible out-of-balance conditions on financial reports. Roll Monthly/YTD Usage (DT) - Usage history occurs from invoicing and is maintained by month. This usage is rolled every month to keep average monthly usage current. - This task must be processed before inventory activity for the new month begins. - For months 1 through 11, process Roll Monthly/YTD Usage (DT) with Action Roll Monthly Usage History. - At the end of the 12 th month, process Roll Monthly/YTD Usage (DT) with Action Roll Monthly and YTD Usage History. Inventory Valuation (DK) - This report produces an ending inventory value as of the day the report is processed by multiplying the current on-hand quantity by the cost of the product. - This report cannot be backdated; therefore, it must be processed at the end of the month before processing for the next month begins. - This report can be processed for all products, or separate reports can be processed for parts and for supplies and equipment. - When processing the report for equipment, we recommend that the Model Serial # checkbox be checked so that the current on-hand quantity can be matched with the available serial numbers. - This report will print serial numbers depending on the value of the Invoice Number field on the Customer tab in Serialized Equipment (CS). If the field is blank or begins with a C (indicating a credit

12 invoice) or this field is blank, the serial number will print on the Inventory Valuation (DK) report. The report does not look at the Available for Assignment checkbox on the Inventory tab of Serialized Equipment (CS). - The Grouping Code range will include the product grouping codes on your Trial Balance. Normally, this range will be 1-1ZZZZZ. - This report will be compared to the Inventory Valuation (DK) report in order to balance Inventory information. Therefore, the General Ledger Report (SM) must be processed immediately following the Inventory Valuation (DK) report. - The Line Number range will be the line numbers of the inventory sections from your Trial Balance format. If you processed separate Inventory Valuation (DK) reports for parts and supplies/equipment, you would also want to process separate reports for those inventory lines on the. - Note for Character users: Task CW must be run before this report, to ensure that financial entries have been made for all inventory receipts. - For more information on how to compare these reports, refer to the Balancing Inventory in VisionHelp. To locate this information, click Help Contents Balance and Audit Recommendations Balancing Financial Activity Balancing Inventory.

13 1. Enter the beginning and last day of the month 2. Enter the line numbers from the TRIAL format for inventory A/P Balance Report (FU) - Ending Month-end balances for Accounts Payable and Uninvoiced Purchases are obtained from this report. - This report can be run for a previous time, so it is not necessary to process this report before activity for the new month begins. - Suggested report parameters (enter the last day of the month):

14 - This report will be compared to the A/P Balance (FU) report in order to balance Accounts Payable and Uninvoiced Purchases information. Therefore, the must be processed immediately following the A/P Balance (FU) report. - If you have the grouping codes for Accounts Payable and Uninvoiced Purchases on consecutive lines on the Trial Balance format, enter those lines in the Line Number range. - If the grouping codes for these two accounts are in separate locations on the Trial Balance format, it will be necessary to process two separate General Ledger Reports (SM). On both reports, enter the corresponding grouping code for each financial code in the Grouping Code range. - For more information on how to compare these reports, refer to the Help Contents Balance and Audit Recommendations Balancing Financial Activity Balancing Accounts Payable and Uninvoiced Purchases. 1. Enter the beginning and last day of the month 2. Enter the line numbers or grouping codes from the TRIAL format for AP and Uninvoiced Purchases

15 Coupon/Cert Reports (JE) - If you do not do coupons or certificates, you do not need to process this report. - This report can be run for a previous time, so it is not necessary to process this report before activity for the new month begins. - This report can be processed for unredeemed and expired coupons or certificates. Keep in mind that any sales made with a negative gross margin will not appear on this report. - Suggested report parameters (enter the first and last day of the month): - If you do not do coupons or certificates, you do not need to process this report. - This report will be compared to the Coupon/Cert Reports (JE) in order to balance Coupon and Certificate information. Therefore, the General Ledger Report (SM) must be processed immediately following the Coupon/Cert Reports (JE). - The Line Number range will be the lines numbers on the Trial Balance that make up the Coupon Defer section. - For more information on how to compare these reports, refer to the Help Contents Balance and Audit Recommendations Balancing Financial Activity Balance Coupon Liability. 1. Enter the beginning and last day of the month 2. Enter the line numbers from the TRIAL format for coupon liability.

16 Revenue Recognition (HZ) - If your company defers or accrues contract income, you will need to process Revenue Recognition (HZ) to earn the monthly income of all deferred and accrued contracts. - This report cannot be recreated for a previous month, so it is very important that you retain this report for future reference and balancing. - Because the status report that follows this step cannot be backdated, Revenue Recognition (HZ) must be run before activity for the new month begins. - Suggested report parameters (enter the last day of the month):

17 Contract Rev Stat/Purge (JL) - This report will list ending balances for the deferral and accrual accounts for financial balancing. Therefore, the Contract Rev Stat/Purge (JL) task must be processed immediately following the Revenue Recognition (HZ) task. - This report cannot be recreated for a previous time period so Revenue Recognition (HZ) and Contract Rev Stat/Purge (JL) must be run before activity for the new month begins. - This report will be compared to the Contract Rev Stat/Purge (JL) report in order to balance Contract Defer and Contract Accrue information. Therefore, the must be processed immediately following the Contract Rev Stat/Purge (JL) report. - You will need to process one for the deferrals and another for the accruals. - The Line Number range will be the line numbers of the contract deferral section from your Trial Balance. The second report will have a Line Number range of the contract accruals section from your Trial Balance. - For more information on how to compare these reports, refer to the Help Contents Balance and Audit Recommendations Balancing Financial Activity Balancing Contract Defer and Contract Accrue activity. 1. Enter the beginning and last day of the month 2. Enter the line numbers from the TRIAL format for defer liability. Process the second report for the accrual asset line numbers.

18 A/R Ageing Report (LH) - Once all invoicing transactions, cash receipts and account adjustments for the month have been entered this report is generated to obtain the ending accounts receivable balance for the end of the month. - This report can be run for a previous time, so it is not necessary to process this report before activity for the new month begins. - Since this report is being run for Month-end balance processing, the Report Basis should be set to Open activity as of the report date. - On the Ageing tab, the first day range used must begin with 0 and the last day range used must end with 999. Do not select amount ranges. - Suggested report parameters (enter the last day of the month):

19 - This report will be compared to the A/R Ageing Report (LH) in order to balance Accounts Receivable information. Therefore, the General Ledger Report (SM) must be processed immediately following the A/R Ageing Report (LH). - The Grouping Code range will be your Accounts Receivable grouping code. - For more information on how to compare these reports, refer to Help Contents Balance and Audit Recommendations Balancing Financial Activity Balancing Accounts Receivable and Cash Transactions. 1. Enter the beginning and last day of the month 2. Enter the grouping code from the TRIAL format for A/R.

20 Sales/Use Tax Analysis (JB) - Process this report once all invoicing transactions have been entered to report the month s sales/use tax. - This report can be run for a previous time, so it is not necessary to process this report before activity for the new month begins. - The decision to run this report for Cash or Accrual for Report Type will depend on your company s internal procedures. (enter the first and last day of the month) Customer Priority (UA) This report will update the service priority level of each customer that is specified as Dynamic priority in Customers (NB). The parameters that are used to calculate the priority level for each customer are established in Service Setup (TC). Suggested report parameters:

21 Depreciation Schedule (XL) - This report will provide a total of depreciation for all fixed assets entered in Fixed Asset Setup (XB). - This report can be run for a previous time, so it is not necessary to process this report before activity for the new month begins. - Suggested report parameters (enter the last day of the month): - This report will be compared to the Depreciation Schedule (XL) report in order to balance Fixed Asset information. Therefore, the General Ledger Report (SM) must be processed immediately following the Depreciation Schedule (XL) report. - The Line Number range will be the line numbers of the Fixed Asset and Accumulated Depreciation sections from your Trial Balance. You will need to process 2 separate General Ledger (SM) reports, one for Fixed Asset line items, and other for Accumulated Depreciation. - For more information on how to compare these reports, refer to Help Contents Balance and Audit Recommendations Balancing Financial Activity Balancing Depreciation/Fixed Assets. 1. Enter the beginning and last day of the month 2. Enter the line numbers from the Trial format for fixed assets and a second report for depreciation.

22 Lender Payment Report (XN) - This report supplies a total of principle and interest due for externally financed rented/leased equipment. - This report can be run for a previous time, so it is not necessary to process this report before activity for the new month begins. - Suggested report parameters (enter the last day of the month):

23 B. Month-end Reporting Checklist (Revised March 2008) Task Date Initials Roll Monthly/YTD Usage (DT) Inventory Valuation (DK) A/P Balance (FU) Coupon/Cert Reports (JE) Revenue Recognition (HZ) Contract Rev Stat/Purge (JL) A/R Ageing (LH) Sales/Use Tax Analysis (JB) Customer Priority (UA) Depreciation Schedule (XL) Lender Payment Report (XN) AND AND AND AND AND AND AND