Accounts Payable End of Month

Introduction

The Advantos Enterprise A/P module has its own month-end processing routine aided by a specific checklist to guide you through the process. This process balances totals, prints monthly reports, and purges data no longer needed. It also updates vendor balances and totals, cleans up paid and posted invoices, and clears out all paid invoices, checks, and purchase orders older than the 'Archive.Info' value in the System Table. Once this process is completed, A/P will be ready to operate in the next monthly accounting period.

One key point to understand is the Financial Period, defined as a month and a year, which displays on the main screen for each module. Payroll must be updated prior to A/P. This ensures that all tax invoices are processed in the payroll month. The G/L update cannot be done until after A/P has been updated. Note that the A/P module cannot be maintained more than one month in advance of the G/L module.

Process Final Check-Run

Before starting the end-of-month update, complete the LAST check run for the processing month, including any voided checks or other corrections.

Set End-of-Month Processing Flag

From the Accounts Payable menu, select End of Month → EOM Flag. Click on Create to set the flag. Setting this flag restricts the ability to post additional transactions. Anyone without update or system administrator security levels will receive an error message if they attempt to enter transactions.

Validate Cash Totals

This process validates the totals for checks, G/L postings for cash, and bank transactions created from A/P checks. These totals must equal.

Trial Balance Report

Located under the Accounts Payable menu, Payables Reports → G/L Postings Reports. This report must balance to 0.

Unpaid Invoice/Vendor Balance

Located under the Accounts Payable menu, Payables Reports → Invoice Reports → Invoice Reports. This report adds all unpaid invoice amounts for one total and all vendor balances for another total. These two totals MUST balance.

Generate EOM Reports

This process generates all EOM reports for financial files. The output is created in the 'FTP' file in the Management Company's reserved directories on the Advantos SFTP server. These directories can be accessed via Bitvise SSH Client (formerly Tunnnelier).

Process End-of-Month Update

The process will update A/P to the new month for all clients on your system. Vendor month-to-date data is cleared, paid and posted invoices are deleted, current postings are updated to the G/L System, and finally, the current processing month is set forward one month. Also the year-end update will automatically occur when updating December of any year. When you are ready to being the update - from the Accounts Payable menu, select End of Month → EOM Update. Click on Proceed

Prepare Vendor 1099 Forms

Prepare the annual Federal Form 1099s for appropriate (defined) vendors. These forms can be created after the EOM update in December of each year. Since the 1099 forms are annual they are printed in January of each year.

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