To balance Control Accounts
When you are ready to finalise your end of month it will be necessary to balance your sub modules (sub ledgers) to the General Ledger Control Accounts.
1. Ensure that all transactions to be included in your current month have been processed.
2. If you are processing the old and the new month at the same time you will need to ensure that the new period has been opened in the Systems Maintenance.
3. Print any required Job Costing Reports
4. If you are using the Zavanti standard WIP process ensure that you run the Job Balance Report with the “Invoiced” box unchecked and the “Show Cost” box checked. This report will be used to balance your current WIP against the WIP Control account in the General Ledger.
5. Check all batches of transactions in each module to ensure that any required batches are posted
6. Ensure all required deposits have been put through the Daily Banking function
7. Ensure that all required batch Payment Runs have been processed
8. Ensure that all required Payroll batches have been finalized
9. Ensure that all required Standing Journal batches have been run
10. Ensure that all Fixed Asset Depreciation runs have been completed.
11. Ensure that all required Cashbook Payments and Receipts have been processed.
12. Ensure that the General Ledger Journal update has been completed
13. It is a good idea to print the listing from this process to keep as an audit trail of all transactions processed.
14. Ensure the Bank Reconciliation has been completed
15. Make sure you print this last Bank Reconciliation report it will be used to balance to the “Bank” Control account in the General Ledger.
16. In the Accounts Receivable the minimum required report is the Summary Aged Trial Balance report
17. The Accounts Receivable Trial Balance will be used to balance against your Trade Debtors Control account in the General Ledger. There are a number of other reports available in the Accounts Receivable that you may decide to run on a Monthly basis.
18. In the Accounts Payable the minimum required report is the Summary Aged Trial Balance Report
19. The Accounts Payable Trial Balance will be used to balance against your Trade Creditors Control account in the General Ledger. There are a number of other reports available in the Accounts Payable that you may decide to run on a Monthly basis
20. In the General Ledger the minimum required reports is the Systems Trial Balance and for those months when you require the Tax Listing
21. This report will be used to control accounts against Sub Ledger reporting. There are other reports in the General Ledger in that you may wish to run on a Monthly basis. These include Balance Sheet, Profit and Loss, Payment Listing and Receipt Listing.
22. Ensure that the reports run within the sub modules are equal to the value posted to the relevant Control Accounts in the General Ledger