Refer to the various accounting manuals for more details.Accounts Receivable
Accounts Payable
Payroll
General Ledger
1. Run an Accounting DBR (shortcut: DBRA) for unposted records using "01010000" as the Start Date (interpreted as "Earliest") and the last day of the month being closed as the End Date. No closed RAs should be reported.
2. Verify with staff that all transactions for cash receipts, debit memos and credit memos have been entered and posted. (This can be checked by displaying an "Edit List" to the screen for each of these types of entries. The message "No transactions on file" should display.)If there are records for the current month, examine them as is customary, and re-run the DBR for the month to post them.
If there are old records that should NOT be posted, contact Thermeon’s Support Dept. for information on how to do a ‘junk post’ which marks the records as ‘posted’ but doesn’t post the data to the accounting files.)
3. If customers with past due balances are charged a finance charge, run finance charges and post them.
4. Run the A/R Aging Report in detail using the last day of the month as the aging date. Do not include items past the aging date. Examine for accuracy prior to printing statements. This Aging should be saved for the archives for reference purposes.
5. Print statements from either RealWorld or CARS+.
If printing statements from RealWorld, it is recommended that the program Purge the A/R Open Item File be run through the end of the month. This will remove all fully paid items (along with the payments) from the customers' accounts. Therefore, only unpaid items will appear on the statements. The Purge Report should be saved for the archives for reference purposes.
If printing statements from CARS+, (CARS+ Statements on the Invoicing Programs Menu – shortcut: STATMENT) it is not necessary to purge the AR Open Item File each month because a choice is provided to include or exclude paid items. However, the AR Open Item file should still be purged from time to time.
6. Run and save a Cash History Report for a list of deposits processed for each cash account during the month. (Optional.)
7. Purge Cash History. (Optional) Determine how many months should be kept and purge on a monthly or quarterly basis.
8. Run an A/R Aging Report in summary for management. (optional)
9. Run an A/R Aging Report in detail to use as a worksheet for the new month. (optional)
10. In A/R, go to page 2 of the menu, Item #20, and Process End of Period.
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NOTE: If the AR Open Item File is purged each month, the above steps should be done PRIOR to entering Cash Receipts or Debit & Credit Memos for the new month. Once the above steps have been completed, the Accounts Receivable clerk can progress with work in the new month. (No delay is necessary in posting DBRs.)
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11. Run the A/R Distribution Report for the month.
Examine the Distribution report for potential problems:
Verify that the report is “in balance”. The report total should be zero (debits equaling credits.)
Look for transactions outside the current period. These may require some investigation and corrections before posting them to the G/L. Transactions outside of the current fiscal year definitely need correction prior to posting to G/L.
Look for transactions that are listed under the account “0000” or say “Account Not Found”. These transactions will definitely need to be corrected before posting to the G/L.
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If using a GL other than RealWorld, the results of the AR Distribution Report will need to be entered in the GL. Contact Thermeon's Customer Support Dept. to discuss options of how to do this.
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If using RealWorld GL, continue with the next steps.
12. To transfer the data to General Ledger, in G/L select G/L Interface and select the AR module. module.
Module: AR
Date: Month End
Type: G
Purge? No
NOTE: The person doing the interface should be the only user in the General Ledger module and the A/R module when the interface is
performed.
13. In G/L, go to
Process GJ Transactions.
Run an Edit List of the transactions that have just interfaced from A/R.
Examine the report for potential problems using the list in Item #11 above as a guide.
Do additional GJ entries (or changes or deletions) to correct anything wrong on the A/R distribution, ESPECIALLY transactions outside of the current period. (They can be deleted and re-entered using the correct date.) Post transactions to GL.
NOTE: The person posting must be the only user in General Ledger when the transactions are posted.
14. For Hertz locations in the US, process RIHLIT transactions. After all RIHLIT transactions affecting A/R have been entered and posted, repeat steps #11 through #13.
1. After entering and posting all transactions for the month, run a check register for the month. Verify that all manual checks have been entered.
NOTE: When posting any A/P transactions, all other users should be out of the A/P module.
2. If the system is configured to post travel agent commissions to A/P, in CARS+ post travel agent commissions by running and posting the Vendor Commission Report. If needed, commissions can be edited one RA at a time in the Edit Opening Fields program.
3. Check if there are any unposted transactions in "Process AP
Transactions" and "Adjust AP Open Items" by asking for Edit
Lists to display to the screen. The message "No transactions on file" should display.
4. Run and save an A/P Open Item Report in detail for the archives.
5. Run
an A/P Open Item Report in summary for management. (optional)
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NOTE: The above steps should be done prior to entering new transactions for next month. Once the above steps have been completed, the Accounts Payable clerk can progress with work in the new month.
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If using a GL other than RealWorld, the results of the AP
Distribution Report will need to be entered in the GL.
*The remaining steps (below) are done at the time the General Ledger clerk is ready to begin closing the month or may be done several times throughout the month if preferred.
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6. Run the A/P Distribution Rpt. to G/L.
Cutoff date: Month End
Detail or Summary? Detail
Detail or Summary? Detail
Purge? No
Examine the report for potential problems such as:
- Transactions with dates outside of the current month or year
- Transactions in the wrong expense account (example: Phone bill in the rent expense account.
These errors should be corrected in step 8.
7. To transfer the data to General Ledger, in G/L select G/L Interface and select the AP module.
Module: AP
Date: Month End
Type: G
Purge? No
8.
In G/L, go
to Process GJ transactions.
Run an Edit List of the transactions that have just interfaced from AP.
Do additional GJ entries to correct anything wrong on the AP Distribution Interface.
Post transactions to GL.
NOTE: When posting any G/L transactions, all other users should be out of the G/L module.
9. In A/P, run another A/P Distribution.
Cutoff date: Month End
Detail or Summary? Summary
Detail or Summary? Summary
Purge? Yes
This report can be discarded.
10. From time to time (monthly or quarterly), purge the oldest vendor history records in Purge Vendor History.
1. After the last payroll for the month has been processed, run a P/R Distribution to G/L:
Starting account #: First
Ending account #: Last
Starting date: First day of Month
Ending date: Last day of Month
Detail or Summary? Detail
Purge? No
2. To transfer the data to General Ledger, in G/L select G/L Interface and select the PR module.
3. In G/L, go to Process GJ transactions.Module: PR
Date: Month End
Type: G
Purge? No
Run an Edit List of the transactions that have just interfaced from AP.
Do additional GJ entries to correct anything wrong on the AP Distribution Interface.
Post transactions to GL.
NOTE: When posting any G/L transactions, all other users should be out of the G/L module.
4. In P/R, run another P/R Distribution.
Starting account: First
Ending account: Last
Starting date: First day of Month
Ending date: Last day of Month
Detail or summary? Summary
Purge? Yes
This report can be discarded.
Year End: After all entries have been made for the year and necessary reports have been run,
and prior to closing the calendar year,
contact Thermeon's Customer Support Dept. to have the payroll data copied
into another company. Having the detailed data available in another
company can be quite useful for research purposes.
1. Once all other modules are interfaced, run a Trial Balance for all accounts.
NOTE: When posting any G/L transactions, all other users should be out of the G/L module.
3. Verify AP Open Item report total to AP account in GL.
4. Verify AR Aging report to the AR accounts in GL.
5. Run the Financial Statements. Verify that the year to date Net Income (Loss) shown on the Profit & Loss Statement agrees to the year to date figure shown on the Balance Sheet. (A discrepancy usually means that a new G/L account was added during the month, but the account was not added to the proper financial statement layout.)
6. In G/L, go to page 2 of the menu and select Maintain Accounting Periods.
Do you wish to re-enter? No
Change Fields #14 and #15 to the new month.
NOTE: Closing a month does not prevent the other accounting modules from continuing to operate. CARS+, A/R, A/P, and P/R can always continue to operate in the new month(s) while G/L is closing the old month (providing all work for the month and the proper month end reports have been run before starting work for the new period.)
Year End: After all entries have been made for the year, and prior to running Process End of Year (page 2 of the GL menu), contact Thermeon's Customer Support Dept. to have the GL data copied into another company. Having the detailed data available in another company can be quite useful for research purposes.