MAS90 & MAS200 Order of Closing

Transcription

1 Business & Accounting Solutions, LLC 3900 Orchard Lake Rd, Suite 60 Farmington Hills, MI phone, fax MAS90 & MAS00 Order of Closing Year-end and Period End processing is a vitally important step in keeping your data healthy. Many modules maintain buckets of data by year (year-to-date, prior-year, etc.). These data elements are reinitialized during year-end processing. Lots of other housekeeping is performed during year-end as well. For example, in General Ledger, income and expense account balances are cleared and net profit is posted to the Retained Earnings account. Closing Order its Important! The order in which modules are closed is very important. The period-end and year-end processes performed in one module often write data to another module. To close the modules out of order risks getting this information permanently damaged. Modules should be processed or closed in the following order: Must do First Closed First Closed Last FULL SYSTEM BACKUP Bill of Materials Work Order Bar Code Purchase Order Sales Order Inventory MRP TimeCard Magnetic Media Payroll Accounts Receivable Account Payable Job Cost General Ledger If you are running modules not on this list, for example e-business Manager, or a thirdparty product, there may be special considerations involved in year-end closing. Give us a call and we ll advise you on the best procedure for closing your MAS 90 or MAS 00 software.

2 Work Order Processing Use the following checklist to perform Work Order period-end processing activities. Because the Work Order module does not have a period-end processing option, perform the following steps immediately prior to performing Inventory Management Period End Processing. 1 Back up the Work Order files onto a monthly set of backup disks or tapes. Purge all work orders closed during the current period using Work Order Purge. For more information, see Work Order Purge in MAS90 Help. 3 Print the Work Order History Report for the close date range for the current period. For more information, see Work Order History Report in MAS90 Help. Print the General Ledger Posting Recap for the current period. If the General Ledger module is not integrated with Work Order, perform the purge at the end of the report. For more information, see General Ledger Posting Recap in MAS90 Help. Back up the Work Order files onto a separate set of disks or tapes from the set used to back up the system in step 1.

3 Purchase Order Processing Use the following checklist to perform Purchase Order period-end processing activities. 1 Back up the Purchase Order files onto a monthly set of backup disks or tapes. Verify that all receipts, invoices, returns, and issues have been recorded for the current month. On the Purchase Order Period End menu, click Period End Processing and select the 3 Full Period End Processing option. For more information, see Period End Processing in MAS90 Help. Select the reports you want to print for the period from the Purchase Order Reports and Period End menus. You should print at least the Open Purchase Order Report. Complete period-end processing after all of the reports have printed. Back up the Purchase Order files using a separate set of disks or tapes from the 6 one used in step 1. Sales Order Processing Use the following checklist to perform Sales Order period-end processing activities To ensure that the Sales Recap reports from Sales Order are in "sync" with the sales history maintained for both the Customer and Inventory master files, you must perform Accounts Receivable and Inventory Management period-end processing in conjunction with the Sales Order period-end processing. Make sure to perform Accounts Receivable and Inventory Management period-end processing before performing a daily sales update for the next month's invoices. 1 Back up the Sales Order files onto a monthly set of backup disks or tapes. Make sure all invoices are recorded for the current month. Select Sales Order Period End from the Sales Order Period End menu and select the 3 Full Period End Processing option. Select the reports you want to print for the period end. The Open Sales Order Report should be printed. Complete period-end processing after all the selected reports have printed. Back up the Sales Order files using a separate set of disks or tapes from the set 6 used to back up the system in step 1. When performing year-end processing, use the same procedure as for month end except that for step 3, you must select the Full Period and Year End Processing option.

4 Accounts Receivable Use the following checklist to perform Accounts Receivable period-end processing activities. 1 Back up the Accounts Receivable files onto a monthly set of backup disks or tapes. For more information, refer to your Library Master manual. Ensure that all invoices and cash receipts are recorded for the current month. Perform Finance Charge Calculation to apply finance charges to past due 3 customers. Use Finance Charge Entry to make any manual adjustments, print the Finance Charge Journal, and update. Print statements for the appropriate customers. Print the Sales Tax Report as of the appropriate date (monthly, quarterly, etc.) as required by your taxing jurisdiction, and purge from period end. 6 Select Period End Processing and choose the Full Period End Processing option. Select the reports you want to print for period end. It is recommended that you 7 print at least the Aged Invoice Report. 8 Complete period-end processing after all the selected reports have been printed. Back up the Accounts Receivable files using a separate set of disks or tapes from 9 the set used to back up the system in step 1. NOTE When performing year-end processing, use the same procedure as period-end processing, except that in step 6, select the Full Period and Year End Processing option. Accounts Payable Use the following checklist to perform Accounts Payable period-end processing activities. Back up the Accounts Payable files onto a monthly set of backup disks or tapes. For 1 more information, refer to your Library Master manual. Verify that all invoices and checks have been recorded for the current month. If you are performing period-end processing for the month of December (the end 3 month of the calendar year), print, verify, and clear al 1099 Forms (if your company prints 1099 forms for vendors). Select Period End processing and then click Full Period End Processing. Select the reports you want to print for the period end. Print at least the Aged Invoice Report and the Check History Report. 6 Complete period-end processing after all the selected reports have been printed. Back up the Accounts Payable files using a separate set of disks or tapes from the 7 set used to back up the system in step 1. NOTE When performing year-end processing, use the same procedure as period-end processing, except that in step, select the Full Period and Year End Processing option.

5 Job Cost Use the following checklist to perform Job Cost period-end processing activities. 1 Back up the Job Cost files onto a monthly set of backup disks or tapes. Verify that all change orders; job billing invoices; and direct cost, billing, and cash receipt transactions are recorded for the current month. Also, verify that all integrated modules (Accounts Payable, Payroll, etc.) have posted all transactions for the current month. If monthly calculation of overhead is selected in the Job Cost Options window, print the Monthly Overhead Allocation Report and update. Print and update the Daily 3 Transaction Register. For more information, see Monthly Overhead Allocation Report and Daily Transaction Register in MAS90 Help. If any jobs have been completed during the current period, print the Job Close-Out Report and update. For more information, see Job Close-Out Report in MAS90 Help. Select Period End Processing and choose the Full Period End Processing option. For more information, see Period End Processing in MAS90 Help. Select the reports you want to print for the period end. It is recommended that you 6 at least print the Work in Process Report and Job Transaction Detail Report. For more information, see Work in Process Report and Job Transaction Detail Report in MAS90 Help. 7 Complete period-end processing after all the selected reports have been printed. 8 Back up the Job Cost files using a separate set of disks or tapes from the set used to back up the system in step 1.

6 General Ledger The following procedure presents a step-by-step review of the routine daily General Ledger activities you need to perform. You can use this information as a checklist to ensure that you have completed all necessary procedures. WARNING Backing up your data is an important part of your period-end procedure. Back up the General Ledger files using a set of backup disks or tapes labeled 1 Monthly Backup. Verify that all activity and adjustments in modules integrated with the General Ledger module have been completed in the period to close. 3 Select any recurring journals for posting using Recurring Journal. Print and update the Recurring Journal. For more information, see Recurring Journal Entry in MAS90 Help Print and review the General Ledger Worksheet for the accounting period to close. Enter any necessary adjustments to the worksheet. For more information, see General Ledger Worksheet in MAS90 Help. Enter any closing adjustments for the period using General Journal Entry. For more information, see General Journal Entry in MAS90 Help. Print and update the Daily Transaction Register. For more information, see Daily Transaction Register in MAS90 Help. Make any necessary budget revisions using Budget Revision Entry. Update the Budget Revision Register. For more information, see Budget Revision Entry in MAS90 Help. Print the Trial Balance and Standard Financial Statements for the period. Verify that the Balance Sheet is in balance. If any adjustments are required, repeat steps and Print the General Ledger Analysis, as necessary. Update and print Custom Financial Reports, as necessary. 11 Print the General Ledger Detail Report for the period being closed. If you are closing the year, print the report for all periods. 1 Select and modify all required allocations and update the Allocation Journal. 13 Select Period End Processing, and select the Full Period End Processing option. For more information, see Period End Processing in MAS90 Help. Select the reports you want to print for the period. At least print the Trial Balance, 1 Standard Financial Statements, and the General Ledger Detail Report, if you have not already done so. 1 Complete period-end processing after all the selected reports have printed. 16 Back up the General Ledger files using a separate set of disks or tapes from the set used to back up the system in step 1.