Difference between revisions of "Monthly closing reconciliation"

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Revision as of 13:28, 5 January 2016

Monthly closing reconciliation

Bookkeeping

• Update periodical allocations in Classic 01-41.

• Match periodical allocations in Classic 01-62 and the balance on the periodical allocations account, see Reconciliation of periodical allocations.

• VAT reports, print in Classic 01-65-01, 01-65-02, 01-65-04. See VAT reconciliation.

• Balance sheet- and profit/loss reports, print in Classic 01-70 or in Backoffice: Bookkeeping/Profit-Loss Account and Balance sheet account.

Sales Ledger

• Reconcile balance on accounts receivables with balance list in Classic 02-70 or in Backoffice: Sales Ledger. See Reconciliation of Sales Ledger.

• Reminders, print in Classic 02-61

• Interest invoicing, Classic 02-62

Purchase Ledger

• Reconcile the balance on accounts payable with balance list in Classic 03-70.or use the blance list in Backoffice: Purchase Ledger. See Reconciliation of Purchase Ledger.

Project accounting

• Ensure that everybody has reported time in Backoffice: Project accounting/Reconciliation time.

• Register project related costs, book suppliers’ invoices and disbursements (expenses)

• Update hours and purchases in Backoffice: Project accounting/Update

• Adjust and invoice. Close finished projects.

• Make zero invoices in 04-41-80.

• Print WIP list in Classic 04-71-03, reconcile not deducted pre-invoices (see Reconciliation of pre-invoiced) and the purchase price WIP with the accounts for pre-invoice and the WIP account for purchases (if in use). See Reconciliation of WIP account puchases.

• Compare invoiced in the project accounting with those revenue accounts in the bookkeeping that are used in invoicing. Read more in Reconciliation invoiced.

• Project reports, print in Frontoffice: Project/Reports.

Reconciliation of periodical allocations

Reconciliation:

• Update periodical allocations in Classic 01-41. Match allocations in 01-62 by selecting future allocations that are booked until the last date in the selected period, e.g. 1406-9999 and Book date 000000-140531. Write Y at Print updated. The amount on the list will be matched with the account for automatic periodical allocations.

If discrepancy occurs:

• Start with checking in 01-99-03. Here you can see all allocations that haven't been updated and remarks on possible errors in an allocation.

• Check in Bookkeeping/General ledger/Account specification if there has been any bookings without assignment code.

VAT reconciliation

Marathon separates taxable revenue, tax free revenue and export within EU and outside EU.The system uses subaccounts for separating revenues.

XXXX01 – taxable within the country

XXXX02 – tax free within the country

XXXX03 – outside of the EU

XXXX04 – within the EU

It is important to stick to the structure above, to avoid discrepancies. If you for example book an amount on account 3010 without sub account, Marathon will not understand that it is taxable revenue.

The VAT declaration in 01-65 provides that vat is booked away every month.

Reconciliation

• Carefully check your VAT declaration!

If discrepancy occurs:

• Make sure that the VAT for the previous month is posted away. Some transactions can have occurred since the declaration was made, which leads to higher VAT amount for the month.

• Print out the list in 01-90-02 and select on the period that you wish to reconcile. Marathon shows here all posts with “wrong” VAT posted.

• Make sure that there are no postings on revenue accounts with four numbers.

• Check the VAT account, for example in Classic 01-52 for selected period so that no manually made re-postings have been done (except the re-posting of VAT).

Reconciliation of Sales Ledger

Reconciliation:

• Print balance list in 02-70 per reconciliation date. Check the total amount and match with accounts receivable.

If discrepancy occurs:

• Print list in 02-72 to see the date of the discrepancy.

• Print list 02-72 again and select only the date of the discrepancy, select ”Summary only= N”. If the discrepancy is caused by a payment with voucher number BO000001, most probably program 02-60 has been used for payment registration. This program is only booking the payment to the sales ledger and not to the general ledger. In that case, put back the payment into 02-60 with opposite sign (minus/plus).

• Check the date for discrepancy in Bookkeeping/General ledger/Account specification and ensure that no bookings have been made without assignment code.

• Finish with checking all invoices in the sales ledger with the invoice amounts in the bookkeeping to ensure that no invoice changes have been made in 02-30 and afterwards been saved without posting. The change will thus not show in the bookkeeping. In that case, re-enter the change and save without posting, then make the change again and save with posting (function 1).

Reconciliation of Purchase Ledger

Reconciliation:

• Print list 03-71 per reconciliation date. Match the total amount with the balance in account payable.

If discrepancy occurs:

• Print list in 03-72 to see the date of the discrepancy.

• Print list 03-72 again and select only the date of the discrepancy, select ”Summary only= N”.

• Check the bookings in Bookkeeping/General ledger/Account specification and ensure that no bookings have been made without assignment code.

• Finish with checking all invoices in the purchase ledger with the invoice amounts in the bookkeeping to ensure that no invoice changes have been made in 03-32 and afterwards been saved without posting. The change will thus not show in the bookkeeping. In that case, re-enter the change and save without posting, then make the change again and save with posting (function 1).

Reconciliation Project accounting

Reconciliation of pre-invoiced

Reconciliation

• Print the list in Classic 04-71-03 per reconciliation date and compare with the account in Classic 01-51. Don’t forget to summarize all sub accounts (242001, 242002 etc.)

If discrepancy occurs:

• Check postings on the account for pre-invoice in Bookkeeping/General Ledger/Account specification and make sure that no manual re-postings have been made during the period

Reconciliation of WIP account for purchases

Purchases in Marathon can either be expensed directly when entering invoices, or they can be posted on a WIP account and expensed at the time of printing an invoice to client. To avoid discrepancies between the WIP account and the WIP in the Project accounting, no manual bookings shall be entered on the WIP account and no purchases shall be entered directly to the project accounting.

Reconciliation:

• Ensure that all purchases are updated for the period in Project accounting/Update.

• Match Closing balance for previous year with Opening balance for current year.

• Print list in 04-71-03 and select the reconciliation period and match purchase price on purchases with the balance on the WIP account in Bookkeeping/General ledger/Account specification. Select all project types and Totals only =Y.

If discrepancy occurs

• Use program 04-99-31 to see if you directly can see what purchase/-s are erroneous.

• Check that all purchase codes have cost accounts in Base register/Pro/Cost codes → Purchases.

• Check the vouchers on the WIP account in Bookkeeping/General ledger/Account statement so that no manual bookings have been made during the period.

• If an invoice is credited after booking to WIP account, the cost must be reposted manually.

Reconciliation invoiced

• Ensure that all invoices are updated in Classic 02-80-10 (unless automatic invoice update is in use).

• Compare invoiced sales price in the project accpunting (use suitable report) with those revenue accounts that are used at invoicing. You can see the accounts on the cost codes in Base registers/Pro/Cost codes. Do not forget to check all revenue accounts with VAT account suffixes 01 (domestic), 02 (domestic VAT free), 03 (outside EU) and 04 (EU).

If discrepancy occurs

• Ensure that all cost codes in Base registers/Pro/Cost codes → Fees have a revenue account.

• Check that no manual bookings have been made on the revenue accounts.

• Check that the report that you are reconciling really shows what is invoiced in the project accounting (invoiced sales price on fees, purchases and other).