Month End Procedures

End of Month Procedures

ON THE LAST DAY OF THE MONTH or before you begin a new day for the month:

1. Balance all day to day work.

   1. Verify DPR & Hedge position.

   2. Verify open grain contracts.

   3. Verify grain obligations.

      1. Additional Information:

         1. https://culturatech.atlassian.net/wiki/spaces/ACD/pages/1067089968

         2. https://culturatech.atlassian.net/wiki/spaces/ACD/pages/3277094913

         3. https://culturatech.atlassian.net/wiki/spaces/ACD/pages/3279454211

   4. Run aging & verify Accounts Payable reports

      1. Apply as many credit memos as possible

      2. Additional Information:

   5. Run aging & verify Accounts Receivables reports

      1. Apply as many credit memos & payments as possible

      2. Additional Information:

   6. Run cost adjustments procedure in inventory.

   7. Verify inventory balances.

      1. Additional Information:

   8. Print bank report & verify entries.

   9. Print & verify payroll report.

2. Copy dataset for reporting purposes.

   1. Change name to reflect End of the Month

   2. Change to a different color for ID purposes * optional

3. In the live dataset, begin a new day for the month.

   1. Entry for the new months can begin.

4. Select correct journal period in SJI

5. Create system entries in SJI > Create System Entries.

   1. **Send all reports to the spool so that they can be viewed later if necessary

   2. **If you receive an error “transaction code not found” or “transactions out of balance” DO NOT POST THE ENTRY TO THE LEDGER. Go to the spool, print the report, isolate the transaction codes that are not setup, setup the transaction codes up in SJI system accounts and re-create the system entries.

6. When all system entries have been created, print the journal reports from the spool.

7. Review report – system clearing should be zero.

8. Go to General Ledger, select the correct journal period (the same as the SJI)

   1. **If you are doing “reversing” entries – you must have the next period SETUP.

9. Post system entries in LDG > Journal Entries > System Journal Entries.

10. Make any manual, repeating or standard journal entries needed.

11. Run trial balance in LDG > Report Manager > Journal Entry Reports > Print Standard Reports > 4. Trial Balance.

12. Verify clearing accounts are zero.

13. Run the “Calculate balances” under LDG > financial reporting.

14. Print a balance sheet & income statement under financial reporting.

15. Make manual journal entries for any corrections in LDG > Journal Entries > Manual Journal Entries.

16. Re-calculate & run financials again

17. Run reports out of the “end of the month” dataset to balance your subsidiaries.

Document written by A. Mueller