Difference between revisions of "Monthly closing reconciliation"

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<!--T:3-->
  
<!--T:3-->
−
*Update periodical allocations in Classic 01-41.
 +
*Update periodical allocations in {{pth|Accounting|Update periodical allocations}}
   
 
<!--T:4-->
  
<!--T:4-->
−
*Match periodical allocations in Classic 01-62 and the balance on the periodical allocations account, see Reconciliation of periodical allocations.
 +
*Match periodical allocations in {{pth|Accounting|Reports/Reconciliation of periodical allocations}} and the balance on the periodical allocations account, see Reconciliation of periodical allocations.
   
 
<!--T:5-->
  
<!--T:5-->
−
*VAT reports, print in Classic 01-65-01, 01-65-02, 01-65-04. See VAT reconciliation.
 +
*VAT reports, print in {{pth|Accounting|Reports}} See VAT reconciliation.
   
 
<!--T:6-->
  
<!--T:6-->
−
* Balance sheet- and profit/loss reports, print in Classic 01-70 or in Backoffice: Bookkeeping/Profit-Loss Account and Balance sheet account.
 +
* Balance sheet- and profit/loss reports, print in {{pth|Accounting|Reports}}
   
 
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<!--T:7-->
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<!--T:8-->
  
<!--T:8-->
−
* Reconcile balance on accounts receivables with balance list in Classic 02-70 or in Backoffice: Sales Ledger. See Reconciliation of Sales Ledger.
 +
* Reconcile balance on accounts receivables with balance list in {{pth|Accounting|Reports}} See Reconciliation of Sales Ledger.
   
 
<!--T:9-->
  
<!--T:9-->
  +
* Reminders, print in {{pth|Accounting|Client invoices}}, if you have only a few reminders you can use the tab Queries and from there search the invoice and print a reminder on it.
−
* Reminders, print in Classic 02-61
  
   
 
<!--T:10-->
  
<!--T:10-->
−
* Interest invoicing, Classic 02-62
 +
* Interest invoicing, {{pth|Accounting|Client invoices/Interest invoices}}
   
 
<!--T:11-->
  
<!--T:11-->
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<!--T:12-->
  
<!--T:12-->
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* Reconcile the balance on accounts payable with balance list in Classic 03-70,or use the balance list in Backoffice: Purchase Ledger. See Reconciliation of Purchase Ledger.
 +
* Reconcile the balance on accounts payable with balance list {{pth|Accounting|Reports}} tab Purchase ledger. See Reconciliation of Purchase Ledger.
   
 
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<!--T:13-->
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<!--T:14-->
  
<!--T:14-->
−
* Ensure that everybody has reported time in Project: Reports.
 +
* Ensure that everybody has reported time in {{pth|Projects|Reports}}/Reconciliation time.
   
 
<!--T:15-->
  
<!--T:15-->
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<!--T:16-->
  
<!--T:16-->
−
* Update hours and purchases in Project: Registration, correction and updating
 +
* Update hours and purchases in {{pth|Projects|Registration, correction and updating}}
   
 
<!--T:17-->
  
<!--T:17-->
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<!--T:18-->
  
<!--T:18-->
−
* Make zero invoices in 04-41-80.
 +
* Make zero invoices in {{pth|Projects|Zero invoicing}}
   
 
<!--T:19-->
  
<!--T:19-->
−
* 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.
 +
* Print WIP list in {{pth|Projects|Reports}}, 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 purchases.
   
 
<!--T:20-->
  
<!--T:20-->
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<!--T:21-->
  
<!--T:21-->
−
* Project reports, print in Project:Reports.
 +
* Project reports, print in {{pth|Projects|Reports}}
   
 
=== Reconciliation of periodical allocations === <!--T:22-->
  
=== Reconciliation of periodical allocations === <!--T:22-->
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<!--T:24-->
  
<!--T:24-->
  +
* Update periodical allocations in {{pth|Accounting|Update periodical allocations}}.
−
* 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.
 +
* Match allocations in {{pth|Accounting|Reports/Reconciliation of periodical allocations}} by selecting future allocations that are booked until the last date in the selected period, e.g. 0619-9999 and Book date 000000-310519. Check the box in Print updated. The amount on the list will be matched with the account for automatic periodical allocations. You can see the account's balance in {{pth|Accounting|Queries}}
   
 
<!--T:25-->
  
<!--T:25-->
 
'''If discrepancy occurs:'''
  
'''If discrepancy occurs:'''
  +
* Print out the report Reconciliation of periodical allocations without selecting period or accounting date. Deselect "Print updated", thus you will see all allocations that haven't been updated in earlier periods.
−  
−
<!--T:26-->
  
−
* Start with checking in 01-99-03. Here you can see all allocations that haven&apos;t been updated and remarks on possible errors in an allocation.
  
   
 
<!--T:27-->
  
<!--T:27-->
−
* Check in Bookkeeping/General ledger/Account specification if there has been any bookings without assignment code.
 +
* Check in {{pth|Accounting|Reports}}/Account specification if there has been any bookings without assignment code.
   
 
=== VAT reconciliation === <!--T:28-->
  
=== VAT reconciliation === <!--T:28-->
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<!--T:35-->
  
<!--T:35-->
−
The VAT declaration in 01-65 provides that vat is booked away every month.
 +
The VAT declaration in {{pth|Accounting|Reports}} provides that Vat is booked away every month to a reconciliation account.
   
 
=== Reconciliation === <!--T:36-->
  
=== Reconciliation === <!--T:36-->
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<!--T:40-->
  
<!--T:40-->
−
* 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.
 +
* Print out the VAT allocations list in Accounting:Reports and select on the period that you wish to reconcile. Marathon shows here all posts with “wrong” outgoing VAT posted.
   
−
<!--T:41-->
 +
<!--T:85-->
  +
* Check the VAT account in {{pth|Accounting|Reports}}/Account specification for selected period
−
* Make sure that there are no postings on revenue accounts with four numbers.
  
   
 
<!--T:42-->
  
<!--T:42-->
−
* 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).
 +
so that no manually made re-postings have been done (except the re-posting of VAT).
   
 
=== Reconciliation of Sales Ledger === <!--T:43-->
  
=== Reconciliation of Sales Ledger === <!--T:43-->
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<!--T:45-->
  
<!--T:45-->
−
* Print balance list in 02-70 per reconciliation date. Check the total amount and match with accounts receivable.
 +
* Print balance list in {{pth|Accounting|Reports}}/Sales ledger per reconciliation date. Check the total amount and match with accounts receivable.
   
 
<!--T:46-->
  
<!--T:46-->
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<!--T:47-->
  
<!--T:47-->
−
* Print list in 02-72 to see the date of the discrepancy.
+
* Print list in Reconciliation GL in {{pth|Accounting|Reports}} /Sales ledger to see the date of the discrepancy.
 
 
  +
* Print the list again and select only the date of the discrepancy, deselect ”Summary only”.
−
* 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 {{pth|Accounting|Reports}}/Account specification and ensure that no bookings have been made without assignment code. See column Type.
−
 
⚫
* Check the date for discrepancy in Bookkeeping/General ledger/Account specification and ensure that no bookings have been made without assignment code.
  
   
 
<!--T:48-->
  
<!--T:48-->
−
* 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).
 +
* Finish with checking all invoices in the sales ledger with the invoice amounts in the bookkeeping.
   
 
=== Reconciliation of Purchase Ledger === <!--T:49-->
  
=== Reconciliation of Purchase Ledger === <!--T:49-->
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<!--T:51-->
  
<!--T:51-->
−
* Print list 03-71 per reconciliation date. Match the total amount with the balance in account payable.
 +
* Print balance list in {{pth|Accounting|Reports}}/Purchase ledger per reconciliation date. Match the total amount with the balance in account payable.
   
 
<!--T:52-->
  
<!--T:52-->
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<!--T:53-->
  
<!--T:53-->
−
* Print list in 03-72 to see the date of the discrepancy.
 +
* Print list Reconciliation GL in {{pth|Accounting|Reports}}/Purchase ledger to see the date of the discrepancy.
   
 
<!--T:54-->
  
<!--T:54-->
−
* Print list 03-72 again and select only the date of the discrepancy, select ”Summary only= N”.
 +
* Print the list again and select only the date of the discrepancy, deselect ”Summary only”.
   
 
<!--T:55-->
  
<!--T:55-->
−
* Check the bookings in Bookkeeping/General ledger/Account specification and ensure that no bookings have been made without assignment code.
 +
* Check the bookings in {{pth|Accounting|Reports}}/Account specification and ensure that no bookings have been made without assignment code. See column Type.
   
 
<!--T:56-->
  
<!--T:56-->
−
* 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).
 +
* Finish with checking all invoices in the purchase ledger with the invoice amounts in the bookkeeping.
   
 
=== Reconciliation Project accounting === <!--T:57-->
  
=== Reconciliation Project accounting === <!--T:57-->
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<!--T:61-->
  
<!--T:61-->
−
* 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.)
 +
* Print WIP list accounting period in {{pth|Projects|Reports}} per reconciliation date and compare with the account in the bookkeeping Don’t forget to summarize all sub accounts (242001, 242002 etc.)
   
 
<!--T:62-->
  
<!--T:62-->
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<!--T:63-->
  
<!--T:63-->
−
* 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
 +
* Check postings on the account for pre-invoice in {{pth|Accounting|Reports}}/ Account specification and make sure that no manual re-postings have been made during the period
   
 
<!--T:64-->
  
<!--T:64-->
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<!--T:68-->
  
<!--T:68-->
−
* Ensure that all purchases are updated for the period in Project accounting/Update.
 +
* Ensure that all purchases are updated for the period in {{pth|Projects|Registration, Correction and updating }}
   
 
<!--T:69-->
  
<!--T:69-->
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<!--T:70-->
  
<!--T:70-->
−
* 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.
 +
* Print report WIP list accounting period in {{pth|Project|Reports}} and select the reconciliation period. Compare the total sum for Purchases purchase price with the balance on the WIP account in {{pth|Accounting|Queries}} tab Accounts or print an Account specification/Nominal ledger in Reports, tab Bookkeeping.
   
 
<!--T:71-->
  
<!--T:71-->
 
'''If discrepancy occurs'''
  
'''If discrepancy occurs'''
   
−
<!--T:72-->
 +
<!--T:86-->
  ⚫
* Check that all purchase codes have cost accounts in{{pth|System|Base register/Pro/Cost codes}} → Purchases.
−
* Use program 04-99-31 to see if you directly can see what purchase/-s are erroneous.
  
−  
−
<!--T:73-->
  
⚫
* Check that all purchase codes have cost accounts in Base register/Pro/Cost codes → Purchases.
  
   
 
<!--T:74-->
  
<!--T:74-->
−
* Check the vouchers on the WIP account in Bookkeeping/General ledger/Account statement so that no manual bookings have been made during the period.
 +
* Check the vouchers on the WIP account in {{pth|Accounting|Reports}}/Account statement so that no manual bookings have been made during the period.
   
 
<!--T:75-->
  
<!--T:75-->
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<!--T:76-->
  
<!--T:76-->
 
'''Reconciliation invoiced '''
  
'''Reconciliation invoiced '''
  +
* Print report Reconciliation PRO/MED in {{pth|Accounting|Reports}}, tab Accounting for the period. If there is discrepancy, open the row and check the invoices. The discrepancy almost always occurs because the invoice has been manually corrected in {{pth|Accounting|Vouchers}}
   
−
<!--T:78-->
 +
<!--T:84-->
  +
*Or:
−
* Compare invoiced sales price in the project accounting (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).
 +
Compare invoiced sales price in the project accounting (use suitable report) with those revenue accounts that are used at invoicing. You can see the accounts on the cost codes in {{pth|System|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'''
  
'''If discrepancy occurs'''
  ⚫
* Check that no manual bookings have been made on the revenue accounts.
−  
−
<!--T:79-->
  
−
* Ensure that all cost codes in Base registers/Pro/Cost codes → Fees have a revenue account.
  
   
 
<!--T:80-->
  
<!--T:80-->
  +
(all voucher types except Client invoice]
⚫
* Check that no manual bookings have been made on the revenue accounts.
  
−  
−
<!--T:81-->
  
 
* 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).
  
* 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).
   

Latest revision as of 14:49, 13 April 2022


Monthly closing reconciliation

Bookkeeping

  • Update periodical allocations in Accounting: Update periodical allocations
  • Match periodical allocations in Accounting: Reports/Reconciliation of periodical allocations and the balance on the periodical allocations account, see Reconciliation of periodical allocations.
  • VAT reports, print in Accounting: Reports See VAT reconciliation.
  • Balance sheet- and profit/loss reports, print in Accounting: Reports

Sales Ledger

  • Reconcile balance on accounts receivables with balance list in Accounting: Reports See Reconciliation of Sales Ledger.
  • Reminders, print in Accounting: Client invoices, if you have only a few reminders you can use the tab Queries and from there search the invoice and print a reminder on it.
  • Interest invoicing, Accounting: Client invoices/Interest invoices

Purchase Ledger

  • Reconcile the balance on accounts payable with balance list Accounting: Reports tab Purchase ledger. See Reconciliation of Purchase Ledger.

Project accounting

  • Ensure that everybody has reported time in Projects: Reports/Reconciliation time.
  • Register project related costs, book suppliers’ invoices and disbursements (expenses)
  • Update hours and purchases in Projects: Registration, correction and updating
  • Adjust and invoice. Close finished projects.
  • Make zero invoices in Projects: Zero invoicing
  • Print WIP list in Projects: Reports, 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 purchases.
  • 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 Projects: Reports

Reconciliation of periodical allocations

Reconciliation:

  • Update periodical allocations in Accounting: Update periodical allocations.
  • Match allocations in Accounting: Reports/Reconciliation of periodical allocations by selecting future allocations that are booked until the last date in the selected period, e.g. 0619-9999 and Book date 000000-310519. Check the box in Print updated. The amount on the list will be matched with the account for automatic periodical allocations. You can see the account's balance in Accounting: Queries

If discrepancy occurs:

  • Print out the report Reconciliation of periodical allocations without selecting period or accounting date. Deselect "Print updated", thus you will see all allocations that haven't been updated in earlier periods.
  • Check in Accounting: Reports/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 Accounting: Reports provides that Vat is booked away every month to a reconciliation account.

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 VAT allocations list in Accounting:Reports and select on the period that you wish to reconcile. Marathon shows here all posts with “wrong” outgoing VAT posted.
  • Check the VAT account in Accounting: Reports/Account specification 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 Accounting: Reports/Sales ledger per reconciliation date. Check the total amount and match with accounts receivable.

If discrepancy occurs:

  • Print list in Reconciliation GL in Accounting: Reports /Sales ledger to see the date of the discrepancy.
  • Print the list again and select only the date of the discrepancy, deselect ”Summary only”.
  • Check the date for discrepancy in Accounting: Reports/Account specification and ensure that no bookings have been made without assignment code. See column Type.
  • Finish with checking all invoices in the sales ledger with the invoice amounts in the bookkeeping.

Reconciliation of Purchase Ledger

Reconciliation:

  • Print balance list in Accounting: Reports/Purchase ledger per reconciliation date. Match the total amount with the balance in account payable.

If discrepancy occurs:

  • Print list Reconciliation GL in Accounting: Reports/Purchase ledger to see the date of the discrepancy.
  • Print the list again and select only the date of the discrepancy, deselect ”Summary only”.
  • Check the bookings in Accounting: Reports/Account specification and ensure that no bookings have been made without assignment code. See column Type.
  • Finish with checking all invoices in the purchase ledger with the invoice amounts in the bookkeeping.

Reconciliation Project accounting

Reconciliation of pre-invoiced

Reconciliation

  • Print WIP list accounting period in Projects: Reports per reconciliation date and compare with the account in the bookkeeping Don’t forget to summarize all sub accounts (242001, 242002 etc.)

If discrepancy occurs:

  • Check postings on the account for pre-invoice in Accounting: Reports/ 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 Projects: Registration, Correction and updating
  • Match Closing balance for previous year with Opening balance for current year.
  • Print report WIP list accounting period in Project: Reports and select the reconciliation period. Compare the total sum for Purchases purchase price with the balance on the WIP account in Accounting: Queries tab Accounts or print an Account specification/Nominal ledger in Reports, tab Bookkeeping.

If discrepancy occurs

  • Check that all purchase codes have cost accounts inSystem: Base register/Pro/Cost codes → Purchases.
  • Check the vouchers on the WIP account in Accounting: Reports/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

  • Print report Reconciliation PRO/MED in Accounting: Reports, tab Accounting for the period. If there is discrepancy, open the row and check the invoices. The discrepancy almost always occurs because the invoice has been manually corrected in Accounting: Vouchers
  • Or:

Compare invoiced sales price in the project accounting (use suitable report) with those revenue accounts that are used at invoicing. You can see the accounts on the cost codes in System: 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

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

(all voucher types except Client invoice]

  • 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).
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