Monthly Closing & Reconciliations
Presented by Bronwyn Duprey
Introduction
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Data Flow
File Types
Reconciling within an application
Reconciling applications to General Ledger
STO Reconciliation Tools
Other Tools
Month-End Checklist
Month-End Tips
Error Prevention Techniques & Tips
Introduction
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Your name
Company Name
Responsibilities within the company
Experience with Timberline
What you expect to learn
File Types
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There are two main file types:
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Master files
Transactions Files
There are three types of transactions files
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New
Current
History
File Types
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Exceptions
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Accounts Payable – Master file = Current
Cash Management – Register = Current
Contracts – Active = Master and Transaction
File Types
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Other File Types
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System files
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Standard
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Payroll
Property Management
Accounts Receivable
Billing
Contracts
Equipment
Activity – Accounts Receivable
Basic Data Flow
Data Flow Between Applications
Data Flow Between Applications
Reconciliation within an Application
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Why?
What reports?
Tips:
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Make sure you are looking at the correct range of account numbers in
General Ledger
Look for transactions in the GL report that don’t belong
Look for entries to the wrong account number in GL
Look in the interfacing application reports for entries with no account
number or the wrong accounting date
Reconcile Applications to General Ledger
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Identifying account numbers to reconcile
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AP Settings
Reconcile Applications to General Ledger
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Identifying account numbers to reconcile
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AR Settings
Reconcile Applications to General Ledger
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Identifying account numbers to reconcile
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PR Settings
Reconcile Applications to General Ledger
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Identifying account numbers to reconcile
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CM Bank Account Settings
Reconcile Applications to General Ledger
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Identifying account numbers to reconcile
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JC Settings
Reconciling Accounts Payable to General Ledger
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Period End Report for AP Accounts
Open Invoices with Cutoff Date
Invoice Aging w/cutoff Date
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GL reports to compare
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YTD Ledger – range to select only the AP accounts
Trial Balance – range to select only AP accounts
Reconciling Accounts Receivable to General Ledger
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AR Aging Detail by Customer (CR)
AR Aging Detail by Customer Name (CR)
AR Aging Detail by Job (CR)
AR Aging Detail by Contract (CR)
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GL reports to compare
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YTD Ledger – range to select only the AR accounts
Trial Balance – range to select only AR accounts
Reconciling Payroll to General Ledger
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Burden by Debit Account
Fringes by Credit Account
Deductions by Credit Account
Taxes by Credit Account
Labor Costs by Account & Job
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GL reports to compare
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YTD Ledger – range to select only the PR accounts
Trial Balance – range to select only PR accounts
Reconciling Cash Management to General Ledger
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Inquiry-Register Balance (to verify future balance)
Bank Reconciliation Report (to verify current balance)
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GL to compare
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Inquiry – Account – Future Balance column
Trial Balance – range to select only cash accounts or YTD ledger
ranged to select only cash accounts
Reconciling Cash Management to General Ledger
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Inquiry-Register Balance (to verify future balance)
Bank Reconciliation Report (to verify current balance)
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GL to compare
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Inquiry – Account – Future Balance column
Trial Balance – range to select only cash accounts or YTD ledger
ranged to select only cash accounts
Reconciliation Tool
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Only available from Sage Desktop
Located under Additional Tools
Let’s take a look
Other Tools
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Monthly Tasks Workflow Center
Reconciliation Log
My Tasks
Sage Timberline Office Knowledgebase
(www.sagetimberlineonline.com)
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KB172180 Reconcile voided checks in the month that they occur
KB175951 Report to reconcile the employees’ check file totals to
their employee file totals for deductions
7x Accounts Receivable to GL (procedure & reports)
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Ensure all entries are made and posted.
Reconcile detail to accumulated totals.
Run Month-End Reconciliation Reports
Reconcile to interfacing applications
Error corrections & prevention
Run & review month-end reports
Backup files
Close Month in each application
File Maintenance (Optional)
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Learn how data flows from one application to another and
within each application
Make sure all entries have been posted
Work with small pieces instead of the whole company or year
at once
Make sure the reports you are using don’t have any
inappropriate conditions or ranges
Make sure beginning balances were reconciled and haven’t
changed
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GL Settings – Processing Options
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AP Settings
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PR Settings
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JC Settings
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AR Settings
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CM Settings
Summary
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Data Flow
2 Ways to reconcile
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Within the applications
To GL
Reconciliation Tool & Other Tools
Month-End Checklist & Tips
Error Prevention Techniques & Tips
Summary
• QUESTIONS??
Your Aktion Contacts
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Consultant
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Bronwyn Duprey
7650 Rivers Edge Dr
Suite 150
Columbus, OH 43235
bduprey@aktion.com
Office: 614-840-9880 ext 407
Cell: 614-634-8804
Thank you for attending.
Presented by Bronwyn Duprey