Activant Prophet 21 Month/Year End Processing
This class is designed for System Administrators Operation Managers Accounting Managers
Objectives Suggested month end and year end procedures
This course will NOT cover System Settings Transactions in the system Performing Inventory Counts Creating Financial Reports
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
Approved Transactions Approvals are a system setting
Journals All Transactions are posted to specific journals General Ledger > Inquire > GL Drill Down
Postings System posts by period and year indicated, NOT date
Checklist Inventory Perform an Inventory Rebuild Update Forecast Usage Balance Inventory Sales Check Unconfirmed Shipments Check your Sales Check your Sales Taxes
Checklist AR AP Balance Accounts Receivable Generate Finance Charges Generate Customer Statements Balance Accounts Payable Balance Unvouchered POs Post Recurring Vouchers
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
Inventory Rebuild Recalculate inventory quantities Perform when no one is on the system
Inventory Rebuild
Inventory Rebuild
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
Update Forecast Usage System Setup > Maintenance > Demand Year Maintenance Inventory > System > Demand Year Maintenance
Update Forecast Usage Update month you are ending and month you are beginning.
Update Forecast Usage
Update Forecast Usage Calculates the anticipated demand for items Used in UPTO and EOQ
Balance Inventory Balance Inventory general ledger accounts to the Inventory Value Report Inventory / Reports
Balance Inventory This report displays current info only you cannot view information for past periods of time
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
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
Unconfirmed Shipments Check for pick tickets that have not been invoiced
Unconfirmed Shipments
Check your Sales Order Processing > Reports
Check your Sales Taxes Accounts Receivable > Reports > Sales Tax
Sales Tax
Sales Tax Totals do NOT represent total sales for the month
Balance Accounts Receivables Balance general ledger AR balance to the AR Aging report Accounts Receivable > Reports > Aged Trial Balance
Balance Accounts Receivables Report can be printed for past periods
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
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
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
Finance Charges Do you generate Finance Charges?
Customer Statements Do you generate statements?
Balance Accounts Payable Balance AP general ledger account to the AP Aging report Accounts Payable > Reports > AP Trial Balance
Balance Accounts Payable Print for period and year being balanced The AP Aged Trial Balance Report can be printed for past periods.
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
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
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
Balance Unvouchered POs General Ledger Postings Material Receipt Account Inventory Inventory Receipts Clearing Account Impact Debit Credit
Balance Unvouchered POs General Ledger Postings Convert PO to Voucher Account Accounts Payable Inventory Receipts Clearing Account Impact Credit Debit
Balance Unvouchered POs Accounts Payable > Reports > Unvouchered PO Report CANNOT go back in time with this report
Balance Unvouchered POs Include Unvouchered Inventory Returns
Balance Unvouchered POs General Ledger Postings Create Inventory Return Account Inventory Inventory Receipts Clearing Account Impact Credit Debit
Balance Unvouchered POs General Ledger Postings Convert Inventory Return to Voucher Account Accounts Payable Inventory Receipts Clearing Account Impact Debit Credit
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
Post Recurring Vouchers Did you set up recurring entries? Post recurring entries at the end of the month Accounts Payable > Transaction > Post Recurring Vouchers
Post Recurring Vouchers Save window for vouchers to be created
Reconcile Cash Bank Reconciliation Worksheet
Reconcile Cash Bank Reconciliation Worksheet
Reconcile Cash
Reconcile Cash
Reconcile Cash
Reconcile Cash
Reconcile Cash
Reconcile Disbursements Reconcile checks from bank statement
Reconcile Cash
Reconcile Cash Accounts Payable > Reports > Outstanding Disbursements
Reconcile Cash Print all deposit slips for the month Accounts Receivable/Reports/Deposit Slips
Reconcile Cash Default = Year/Month/Date Bank number
Reconcile Cash Was it a go-live issue? Software Support Solution #5206
General Ledger Postings Payroll, Commissions, Insurance.
Post Repetitive Journal Entries Review entry, make necessary changes, then save to post
Run Financials Setup involved No canned Trial Balances or P&L
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
Closing a Month It is not mandatory to close the month until the year close
Closing a Month Always keep Period 13 closed
Closing a Month Can NOT post to closed periods Periods can be reopened and closed At any time As many times as needed
Closing a Year All periods must be closed A year can be closed at any time.
Closing a Year System automatically calculates retained earnings Posted to period 13 Retained earnings posted each time a period is closed
Create New Fiscal Year
Create New Demand Year Create new Demand Year? May be on calendar when you are on fiscal
Create New Demand Year
Summary Suggested Month end and year end procedures
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 Email Professional Services Sales: pss@activant.com