Activant Prophet 21. Perfecting Your Month and Year End Closing Routines

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1 Activant Prophet 21 Perfecting Your Month and Year End Closing Routines

2 This class is designed for System Administrators Operation Managers Accounting Managers

3 Objectives Suggested month end and year end procedures

4 This course will NOT cover System Settings Transactions in the system Performing Inventory Counts Creating Financial Reports

5 Remember! Prophet 21 is a real time system Approved transactions are posted to the General Ledger as they are saved in the system No need to perform Batch processes

6 Approved Transactions Approvals are a system setting

7 Approval Settings

8 Journals All Transactions are posted to specific journals General Ledger > Inquire > GL Drill Down

9 Postings System posts by period and year indicated, NOT date

10 Update Forecast Usage

11 Update Forecast Usage MUST BE RUN ON LIVE DATABASE After close of business on the last day Before any transactions on the first day

12 Update Forecast Usage

13 Update Forecast Usage

14 Item History Calculates the anticipated demand for items Used in UPTO and EOQ Forecast usage is used in UPTO and EOQ calculations

15 Accounting Database Create a backup of your live database Use this database to run the reports that do not go back in time Allows more time to balance

16 Accounting Database The following programs should be run from the Accounting Database Inventory Value Report Unvouchered PO, Landed Cost and Requisition Reports Payment Summary Report Open RMA Report

17 What to Check - The Big 4 AP Trial Balance to the General Ledger AR Trial Balance to the General Ledger Inventory Value Report to the inventory accounts Unvouchered PO, Landed Cost and Requisition PO Reports to the General Ledger

18 Accounts Payable Transactions that affect Accounts Payable: Convert PO to Voucher Convert Inventory Return to Voucher Voucher Entry by Amount / Item (Manual Voucher) Reverse Vouchers Credit/Debit Memos Prepay Voucher Convert Landed Cost to Voucher

19 Balance Accounts Payable Balance AP general ledger account to the AP Aging report Accounts Payable > Reports > AP Trial Balance

20 Balance Accounts Payable Print for period and year being balanced The AP Aged Trial Balance Report can be printed for past periods.

21 Balance Accounts Payable Troubleshooting Discrepancies Go back in periods to determine when you did tie out If you have never been in balance, including when you went live on the system, there may have been a problem with the beginning balances

22 When AP Trial Balance Does Not Tie to the GL An expense account is listed in the AP Account field in Vendor Maintenance AP account is listed in the Purchase Account in Vendor Maintenance Debit and credit to AP in the same transaction AP account is selected when entering in a manual voucher Journal entry to AP

23 Balance Accounts Payable Verify that the AP account assigned to each vendor is correct Accounts Payable > Maintenance > Vendor Maintenance > Vendor tab This can be done through a SQL Statement or Fast Edit Software Support Solution #3259 This solution contains SQL statements that can help in problem-solving any discrepancies

24 Troubleshooting Techniques (AP) Run the Distribution Journal in AP (Reports > Journals > Distributions) Select the AP account, period, and year This will show all transactions where AP was used as the distribution account

25 Troubleshooting Techniques (AP) Look for general journal entries in the AP account Compare the purchase journal and cash disbursements journal totals in the General Ledger to the journals printed through AP

26 Post Recurring Vouchers Did you set up recurring entries? Post recurring entries at the end of the month Accounts Payable > Transaction > Post Recurring Vouchers

27 Post Recurring Vouchers Save window for vouchers to be created

28 Balance Accounts Receivables Balance general ledger AR balance to the AR Aging report Accounts Receivable > Reports > Aged Trial Balance

29 Balance Accounts Receivables Report can be printed for past periods

30 Accounts Receivable Transactions that affect AR: Shipping Confirmation RMA Receipts Invoice by Item / Amount Credit / Debit Memos Bad Debt Write-Offs Bad Debt Recovery Direct Ship Confirmations Cash Receipts

31 Balance Accounts Receivable Troubleshooting Discrepancies Go back in periods to determine when you did tie out Out of balance often due to go-live import Check the General Ledger Journal Sales Journal Cash receipts

32 Balance Accounts Receivable Verify that the AR account assigned to each customer is correct Accounts Receivable > Maintenance > Customer Maintenance > Accounts This can be done through a SQL statement or Fast Edit Software Support Solution #2293 This solution contains SQL statements that can help in problem-solving discrepancies

33 Troubleshooting Techniques Print a Distribution Journal in AR using the AR account This will show invoices where the AR account was selected as the distribution account on an invoice AR account is used as a revenue account Debit/Credit memos Bad debt write offs

34 Balance Accounts Receivable All Cash Drawers should be closed

35 Payment Summary Report This report should balance to the Deferred Revenue Account

36 Payment summary Report

37 Open RMA Report

38 Open RMA Report

39 Finance Charges Do you generate Finance Charges?

40 Customer Statements Do you generate statements?

41 Balance Inventory Balance Inventory general ledger accounts to the Inventory Value Report Inventory / Reports

42 Balance Inventory This report displays current info only you cannot view information for past periods of time

43 Balance Inventory Check the Journals associated with Inventory postings Inventory Adjustments Inventory Receipts Inventory Return Inventory Cost Sales Purchases Variance in Convert PO to Voucher (System setting)

44 Balance Inventory Run the Distribution Journal in AP Enter the inventory account, period, and year This will show any vouchers that were entered with the inventory account as the offsetting account

45 Inventory Does Not Tie to GL Inventory account is used as the purchase account on a manual voucher Journal entry to inventory Inventory account is listed in Adjustment Reason Maintenance Edit inventory cost used the inventory account as the offset account

46 Inventory Does Not Tie to GL Check Item Defaults Inventory account should be entered on the Accounts Info tab Do you track inventory by product group? Check the inventory account is correct. Was it a go-live issue? Software Support Solution #5206

47 Inventory Troubleshooting Techniques Query on Adjustment Reason Maintenance Verify that inventory account is not tied to a reason code Check vendor record to verify the inventory account is not listed as a purchase account Verify that the correct inventory account is listed in the asset field in Item Maintenance Use fast edit

48 Inventory Value for S Disposition Items If you are using special costing for S disposition items be sure to use a separate account for those items The special cost of the inventory translates into a special cost of goods when the inventory is sold If the inventory is not sold (customer cancels the order or wants less than ordered), the value of the S disposition item updates FIFO or MAC Regular inventory account is debited and the special inventory account is credited

49 Inventory in Vessel and Container Vessel Debit: inventory in vessel account (material value plus landed cost) Credit: inventory in transit Credit: landed cost clearing Container Debit: inventory asset account assigned to the item (inventory in vessel value plus landed cost with an application point of container receipts) Debit: inventory in transit Credit: inventory in vessel Credit: landed cost clearing

50 Inventory Rebuild Optional Recalculate inventory quantities Perform when no one is on the system

51 Inventory Rebuild

52 Inventory Rebuild Save will update item quantities (remember, not all items can be updated via save) Some items will have to be manually fixed Items that track bins, lots or serial numbers Report will provide details of the item and the differences. Will not provide transaction numbers

53 Balance Unvouchered POs Material Receipts that have not been converted to a Payable Balance the Unvouchered PO Report to the Inventory Receipts Clearing account Balance the Unvouchered Requisition PO Report to the Requisition Clearing Account Balance the Unvouchered Landed Cost Report to the Landed Cost Clearing Account Clearing accounts are setup in System Setup > System > Company Maintenance > Inventory tab

54 Inventory Receipts Clearing The following transactions affect the Inventory Receipts Clearing account: PO Receipts Convert PO to Voucher Inventory Return Shipping Convert Inventory Return to Voucher Reverse Vouchers Direct Shipments

55 Balance Unvouchered POs General Ledger Postings Material Receipt Account Inventory Inventory Receipts Clearing Account Impact Debit Credit

56 Balance Unvouchered POs General Ledger Postings Convert PO to Voucher Account Accounts Payable Inventory Receipts Clearing Account Impact Credit Debit

57 Balance Unvouchered POs Include Unvouchered Inventory Returns

58 Balance Unvouchered POs Accounts Payable > Reports > Unvouchered PO Report CANNOT go back in time with this report

59 Balance Unvouchered POs General Ledger Postings Create Inventory Return Account Inventory Inventory Receipts Clearing Account Impact Credit Debit

60 Balance Unvouchered POs General Ledger Postings Convert Inventory Return to Voucher Account Accounts Payable Inventory Receipts Clearing Account Impact Debit Credit

61 Unvouchered PO Report Compared to GL # 1 Reason why the Unvouchered PO Report does not tie to GL is reversed vouchers that are reentered The inventory receipts clearing account is never cleaned up when reversing a voucher Report needs to be run at month end on the accounting database (backup of live)

62 Removing Unvouchered POs Vouch at 0 quantity Amount will post to the quantity variance account You may need to journal the quantity variance to another account Software Support Solution #13775

63 Landed Cost When PO is received with Landed Cost Account Inventory Asset Landed Cost Clearing Account Impact Debit Credit

64 Unvouchered Landed Cost

65 Reconcile Bank Statement Bank Reconciliation Worksheet

66 Reconcile Bank Statement Bank Reconciliation Worksheet

67 Reconcile Bank Statement

68 Reconcile Bank Statement

69 Reconcile Bank statement

70 Reconcile Cash

71 Reconcile Cash Detail

72 Reconcile Disbursements Reconcile checks from bank statement

73 Reconcile Disbursements

74 Reconcile Disbursements Accounts Payable > Reports > Outstanding Disbursements

75 Reconcile Deposits Print all deposit slips for the month Accounts Receivable/Reports/Deposit Slips

76 Reconcile Cash Default = Year/Month/day Bank Number Lockbox #

77 Reconcile Cash Was it a go-live issue? Software Support Solution #5206

78 Check your Sales

79

80 Check your Sales Taxes Accounts Receivable > Reports > Sales Tax

81 Sales Tax

82 Sales Tax Totals do NOT represent total sales for the month

83 Helpful Reports Unconfirmed Pick Ticket Report These possibly could be invoiced Order Line Item Detail Check orders past their required date Open Orders Check any orders on hold Open RMA Report Expired RMA s could be canceled

84 Helpful Reports Open PO Report Expedite or cancel Inactive Item Report Do we have stock in those items? Ship-to Fast Edit Find customers without tax groups

85 General Ledger Postings Payroll, Insurance.

86 Post Repetitive Journal Entries Review entry, make necessary changes, then save to post

87 Trial Balance Out of Balance Make sure no prior years are open Reopen to the open year and close again Run the Trial Balance, if still out of balance you may need to rebuild GL balances

88 GL Postings Accounts Receivable Bad Debt Write Off: Dr: revenue (account is pulled from Customer Maintenance) Cr: AR Bad Debt Recovery (also works the same as a Debit Memo in AR): Dr: AR Cr: revenue

89 Run Financials Setup involved We have canned Chart of Accounts and Financial Statements

90 Closing a Month It is not mandatory to close the month until the year close

91 Closing a Month Always keep Period 13 closed

92 Closing a Month Can NOT post to closed periods Periods can be reopened and closed At any time As many times as needed

93 Closing a Year All periods must be closed A year can be closed at any time.

94 Closing a Year System automatically calculates retained earnings Posted to period 13 Retained earnings posted each time a year is closed

95 Create New Fiscal Year

96 Create New Demand Year Create new Demand Year? May be on calendar when you are on fiscal

97 Create New Demand Year

98 Summary Balancing AP and AR Balancing Inventory Month End Reports Closing a Month and Year Creating a new Fiscal and Demand Year

99 For More Information Prophet 21 Help Files Visit Activant on the web: distribution.activant.com View Educational Services course offerings Browse Documentation Search the Solutions database Submit a Support case Professional Services Sales:

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