Month end process – Actionstep

In order to ensure that your Actionstep accounting gives correct results throughout the year we suggest the following process at the end of each month:

Complete a Bank Reconciliation at Month End for every Bank account
Run your Billing to the Month End
Raise any Credits or complete any write-offs required
Print and post Debtor Statements
Print your WIP report for the end of the month - this will give you a WIP figure if you require it for any accounting adjustments
If your legislation allows it - apply any Trust Funds to invoices (in some jurisdictions this cannot be done immediately)
Set the Lockout date on the Trust Accounting - this date can be set prior to the Lockout date on the accounting but cannot be an earlier date than the accounting lockout date
Print and Return any Trust Reports as required in your Jurisdiction
Enter all the supplier invoices
Reconcile the Supplier Statements
Process any regular adjustment Journals identified by your business
Look at your reports. We do suggest printing your Income Statements for the last six months with each month in a separate column. This will allow you to see where you may have missed a transaction: ie the prior 5 months have a charge for cleaning, this month doesn't - have you missed an invoice?
Once you are happy with the result we do recommend that you re-set the Accounting Lockout date (found under Admin > Accounting > Accounting Preferences) to prevent users from making changes

Complete a Bank Reconciliation at Month End for every Bank account

Run your Billing to the Month End

Raise any Credits or complete any write-offs required

Print and post Debtor Statements

Print your WIP report for the end of the month - this will give you a WIP figure if you require it for any accounting adjustments

If your legislation allows it - apply any Trust Funds to invoices (in some jurisdictions this cannot be done immediately)

Set the Lockout date on the Trust Accounting - this date can be set prior to the Lockout date on the accounting but cannot be an earlier date than the accounting lockout date

Print and Return any Trust Reports as required in your Jurisdiction

Enter all the supplier invoices

Reconcile the Supplier Statements

Process any regular adjustment Journals identified by your business

Look at your reports. We do suggest printing your Income Statements for the last six months with each month in a separate column. This will allow you to see where you may have missed a transaction: ie the prior 5 months have a charge for cleaning, this month doesn't - have you missed an invoice?

Once you are happy with the result we do recommend that you re-set the Accounting Lockout date (found under Admin > Accounting > Accounting Preferences) to prevent users from making changes