Activant Prophet 21. Month/Year End Processing

Transcription

1 Activant Prophet 21 Month/Year End Processing

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

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

9 Checklist Inventory Perform an Inventory Rebuild Update Forecast Usage Balance Inventory Sales Check Unconfirmed Shipments Check your Sales Check your Sales Taxes

10 Checklist AR AP Balance Accounts Receivable Generate Finance Charges Generate Customer Statements Balance Accounts Payable Balance Unvouchered POs Post Recurring Vouchers

11 Checklist General Ledger Reconcile Cash Post Repetitive Journal Entries Make any necessary General Ledger postings Close the month Close the year Create New Fiscal Year Create new Demand Year

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

13 Inventory Rebuild

14 Inventory Rebuild

15 Inventory Rebuild Save will update item quantities (remember, not all items can be updated via save) Some items will have to be manually fixed Report will provide details of the item and the differences. Will not provide transaction numbers

16 Update Forecast Usage System Setup > Maintenance > Demand Year Maintenance Inventory > System > Demand Year Maintenance

17 Update Forecast Usage Update month you are ending and month you are beginning.

18 Update Forecast Usage

19 Update Forecast Usage Calculates the anticipated demand for items Used in UPTO and EOQ

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

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

22 Balance Inventory Check the Journals associated with Inventory postings Inventory Adjustments Inventory Receipts Inventory Return Inventory Cost Sales Purchases* *If variance occurs when Converting PO to Voucher

23 Balance Inventory Check Inventory Defaults Assigned to product groups Inventory > System > Product Group Maintenance Inventory > Maintenance > Item Maintenance > GL Accounts tab Was it a go-live issue? Software Support Solution #5206

24 Unconfirmed Shipments Check for pick tickets that have not been invoiced

25 Unconfirmed Shipments

26 Check your Sales Order Processing > Reports

27

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

29 Sales Tax

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

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

32 Balance Accounts Receivables Report can be printed for past periods

33 Balance Accounts Receivables 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

34 Balance Accounts Receivables All Cash Drawers should be closed Closing the Cash Drawers writes records to the system that the AR Trial Balance uses when retrieving records

35 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 Software Support Solution #2293 This solution contains SQL statements that can help in problem-solving discrepancies

36 Finance Charges Do you generate Finance Charges?

37 Customer Statements Do you generate statements?

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

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

40 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 Check the General Ledger Journal Purchases Journal Cash Disbursements

41 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 Software Support Solution #3259 This solution contains SQL statements that can help in problem-solving any discrepancies

42 Balance Unvouchered POs Material Receipts that have not been converted to a Payable Balance the Unvouchered PO Report to the Inventory Receipts Clearing account Inventory Receipts Clearing account is setup in System Setup > System > Company Maintenance > Inventory tab

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

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

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

46 Balance Unvouchered POs Include Unvouchered Inventory Returns

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

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

49 Balance Unvouchered POs Troubleshooting Discrepancies Voucher Reversal Procedure Voucher is reversed from Convert PO to Voucher. Balance is left in Inventory Receipts Clearing Account. Software Support Solution # 13775

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

51 Post Recurring Vouchers Save window for vouchers to be created

52 Reconcile Cash Bank Reconciliation Worksheet

53 Reconcile Cash Bank Reconciliation Worksheet

54 Reconcile Cash

55 Reconcile Cash

56 Reconcile Cash

57 Reconcile Cash

58 Reconcile Cash

59 Reconcile Disbursements Reconcile checks from bank statement

60 Reconcile Cash

61 Reconcile Cash Accounts Payable > Reports > Outstanding Disbursements

62 Reconcile Cash Print all deposit slips for the month Accounts Receivable/Reports/Deposit Slips

63 Reconcile Cash Default = Year/Month/Date Bank number

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

65 General Ledger Postings Payroll, Commissions, Insurance.

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

67 Run Financials Setup involved No canned Trial Balances or P&L

68 When you need to perform tasks Closing a period Last day of business in that period Inventory Value Report Update Forecast Usage Unvouchered PO Report If not generated in that period -Generate Customer Statements -Generate Finance Charges At your convenience Remaining reports/processes discussed

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

70 Closing a Month Always keep Period 13 closed

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

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

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

74 Create New Fiscal Year

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

76 Create New Demand Year

77 Summary Suggested Month end and year end procedures

78 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: pss@activant.com