AR Period Close Checklist

Day Step Process Navigation Path

1. Complete Invoice Transactions

[Top-Ten Shortcut] Process Description

Resp. Person

In AR Super User Responsibility a. Run Incomplete Invoices Report to identify outstanding invoices. Reports: Listing b. Complete all Manual Invoices and Adjustments that should be billed in the current period. c. Change the transaction type to VOID for any invoices that were created in error. Transactions: Transactions [Transaction] a. Complete all credit memos that should be credited this period b. Change the transaction type to VOID for any credit memos that were created in error. Transactions: Credit Transactions [Credit Memos] 1. Run the Auto Invoice Master Program for sources: (Order Entry & Scheduled Orders)

AR SU & User

2.

Complete Credit Memos

AR SU & User AR SU & User AR SU & User AR SU & User AR SU & User AR SU & User AR SU & User

3.

Auto Invoice Program

4.

Open next Period *See NOTE 2 below. Confirm Final AutoInvoice

Control: Accounting: Open/Close Periods a. Open next period: Select Open Next Period button. b. Set the new next period to Future status. Confirm that the final AutoInvoice request for the period ran successfully: Help -> View My Requests This should include all invoices for shipments through to c.o.b. on the last day of the current period. Correct any AutoInvoice lines listed on the AutoInvoice Error report. Repeat this step until all lines have processed successfully.

5.

6.

Correct All AutoInvoice Rejects and re-run Run Journal Entries Report

7.

8.

Run General Ledger Interface

a. Run the Journal Entries Report and review it for any unusual accounts. Reports: Accounting b. Correct accounts as needed In AR Super User Responsibility Run the GL Interface program to transfer completed invoices and receipt transactions to the General Ledger: a. Interfaces: General Ledger [Run GL Interface] Change Posting Detail field to Summary. Enter current period start and end dates. b. Help: View My Requests: Report View the Journal Import report to ensure Status = SUCCESS. Run Sales Journal by GL Account Report to identify any items that are not been transferred for the specified GL date range. (Specify Not Transferred for report parameter.)

9.

Run Sales Journal by GL Report

AR SU & User

Day

Step

Process

Navigation Path

10. Complete Reconciliation Worksheet Part I Make Reconciliation Adjustments

[Top-Ten Shortcut] Process Description

Resp. Person

Complete Part 1 of the AR Period Close Reconciliation Worksheet, to reconcile Receipts and the Aged Trial Balance.

11.

a. Make any adjustments required to correct reconciliation errors from Run Period Close Reconciliation step. b. If any reconciliation adjustments are made, rerun the General Ledger Interface program and confirm that all transaction transfer and are imported, as in Run General Ledger Interface Step c. Rerun the Sales Journal by GL Report, to confirm that all transactions for the period have posted to the GL. a. Repeat Part 1 of the AR Period Close Reconciliation Worksheet, if it was necessary so make reconciliation adjustments in Complete Reconciliation Worksheet Step. b. Complete Part 2, to reconcile: the ATB to GL, the Transaction Register to the Sales Journal, and the Sales Journal to the GL. Control: Accounting: Open/Close Periods a. Find the current Period, set Status = Closed

AR SU & User AR SU & User

12.

Complete Reconciliation Worksheet

AR SU & User

13.

Open/Close Periods

14.

Notify GL

Notify GL Accountant that Receivables Close is complete and reconciled.

AR SU & User AR SU & User

NOTES: 1. Day 0 is the last working day of the month to be closed. 2. The next period must be open before close of business on Day 1 (the first day of the new period).

Note: Double Click on the Worksheet below to edit

Period: Enter Period here Note:
Enter all values as positive, except where indicated.

Receivables Reconciliation - Part 1

Receipts Reconciliation
Amount Applied Receipts Unapplied & On Account Receipts Miscellaneous Transactions Total minus Total Receipts Difference (should be zero) $ $ $ $ $ $ Source Applied Receipts Register Unapplied Receipts Register Miscellaneous Transactions Report Receipt Register

plus plus

Aged Trial Balance Reconciliation

Amount Prior Month ATB Total Transactions Adjustments Invoice Exceptions Applied Receipts Unapplied Receipts Total Prior + Current Current ATB Total Difference (should be zero) $ $ $ $ $ $ $ $ $ Source Aged Trial Balance - 7 Buckets by Account Transaction Register Adjustment Register Invoice Exception Report Applied Receipts Register (from above) Unapplied Receipts Register (from above) Aged Trial Balance - 7 Buckets by Account

plus minus minus minus minus minus

(if Total is debit, enter as -ve)

Receivables Reconciliation - Part 2

Aged Trial Balance to GL Reconciliation
minus Current ATB Total Receivables Account YTD Balance Difference (should be zero) $ $ $ Aged Trial Balance - 7 Buckets by Account GL > Inquiry: Account > Balances > Acct 11110

Transaction Register to Sales Journal Reconciliation

Amount Total Transactions Total Credit Memos Debit Adjustments Total minus Sales Journal Total Debits Difference (should be zero) $ $ $ $ $ $ Source Transaction Register (from above) Transaction Register Adjustment Register Sales Journal by GL Account Report

plus 2 x plus

(enter actual total, not 2 x)

Sales Journal to AR Receivables Reconciliation

Amount Sales Journal Account 11110 Debit Transactions Adjustments Credit Memos Applied Receipts Unapplied Receipts Total Receivables Account PTD Activity Difference (should be zero) $ $ $ $ $ $ $ $ Source Sales Journal by GL Account Report Adjustment Register (from above) Transaction Register (from above) Applied Receipts Register (from above) Unapplied Receipts Register (from above) GL > Inquiry: Account > Balances > Acct 11110

minus minus minus minus minus

AR Period Close Checklist

Complete Invoice Transactions

Complete Credit Memos

Run AutoInvoice Program

Open Next Period

Confirm Final Invoice

Correct all Invoice rejects and re-run AutoInvoice Program

Run Journal Entries Report

Run General Ledger Interface

Check Unposted Items

Post Journals

Complete Reconciliation Worksheet Part 1

Make Reconciliation Adjustments

Complete Reconciliation Worksheet

Open / Close Periods

Notify GL

Process End