Difference between revisions of "Monthly closing reconciliation"
From Marathon Documentation
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| + | = Monthly closing and reconciliations= |
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| − | == Monthly closing |
+ | == Monthly closing == |
| + | === Bookkeeping === |
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| − | |||
| + | * Update periodical allocations in Accounting | Backoffice | Periodical allocations, the Update periodical allocations tab. |
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| − | === Bookkeeping === <!--T:2--> |
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| + | * Print the Reconciliation periodical allocations in Accounting | Reports, General ledger tab and compare with the balance on the account for periodical allocations. Read further under Reconciliation Periodical allocations. |
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| − | |||
| + | * Print VAT declaration under Accounting | Reports, General ledger tab. See separate chapter about VAT reconciliation. |
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| − | <!--T:3--> |
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| + | ===Sales ledger=== |
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| − | *Update periodical allocations in {{pth|Accounting|Update periodical allocations}} |
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| + | * Check balances on the Trade debtor's accounts and compare with balance report in Accounting | Reports, Sales ledger tab. Read more under Reconciliation Sales ledger. |
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| − | |||
| + | * Print Payment reminders in Accounting | Client invoices, Reminders tab. Reminders for single invoices is easily made in the Queries tab. Search the invoice and press the Payment reminders button. |
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| − | <!--T:4--> |
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| + | * Interest invoicing is made in Accounting | Client invoices, Interest invoices tab. |
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| − | *Match periodical allocations in {{pth|Accounting|Reports/Reconciliation of periodical allocations}} and the balance on the periodical allocations account, see Reconciliation of periodical allocations. |
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| + | ===Purchase ledger=== |
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| − | |||
| + | * Check balances on the Trade creditor’s accounts and compare with balance report in Accounting | Reports, Purchase ledger tab. Read more under Reconciliation Purchase ledger. |
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| − | <!--T:5--> |
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| + | Project accounting |
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| − | *VAT reports, print in {{pth|Accounting|Reports}} See VAT reconciliation. |
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| + | * Check that everybody has reported their hours Use the report Reconciliation time. |
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| − | |||
| + | * Register project related costs, book supplier invoices and expense reports. |
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| − | <!--T:6--> |
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| + | * Update hours and purchases in Projects | Backoffice | Transactions, Update WIP tab. Adjust and invoice. Close finished projects. |
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| − | * Balance sheet- and profit/loss reports, print in {{pth|Accounting|Reports}} |
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| + | * Zero invoice in Projects | Invoicing, Zero invoicing tab (especially if you use balance sheet account for project purchases). |
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| − | |||
| + | * Print out WIP list accounting period in Projects | Reports and compare un-deducted pre-invoice (read more in chapter Reconciliation Pre-invoice) and purchase price WIP for purchases with the WIP account for purchases (if it is in use, read more in Reconciliation WIP account purchases). |
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| − | <!--T:7--> |
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| + | * Compare invoiced in the project accounting with the revenue accounts in the bookkeeping that are used in the invoicing. Read more in Reconciliation Invoiced. |
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| − | '''Sales Ledger''' |
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| + | * Print project reports in Projects | Reports |
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| − | |||
| + | ==Reconciliation== |
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| − | <!--T:8--> |
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| + | ===Periodical allocations=== |
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| − | * Reconcile balance on accounts receivables with balance list in {{pth|Accounting|Reports}} See Reconciliation of Sales Ledger. |
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| − | |||
| − | <!--T:9--> |
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| − | * 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. |
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| − | |||
| − | <!--T:10--> |
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| − | * Interest invoicing, {{pth|Accounting|Client invoices/Interest invoices}} |
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| − | |||
| − | <!--T:11--> |
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| − | '''Purchase Ledger''' |
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| − | |||
| − | <!--T:12--> |
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| − | * 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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| − | '''Project accounting''' |
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| − | |||
| − | <!--T:14--> |
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| − | * Ensure that everybody has reported time in {{pth|Projects|Reports}}/Reconciliation time. |
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| − | |||
| − | <!--T:15--> |
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| − | * Register project related costs, book suppliers’ invoices and disbursements (expenses) |
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| − | |||
| − | <!--T:16--> |
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| − | * Update hours and purchases in {{pth|Projects|Registration, correction and updating}} |
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| − | |||
| − | <!--T:17--> |
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| − | * Adjust and invoice. Close finished projects. |
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| − | |||
| − | <!--T:18--> |
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| − | * Make zero invoices in {{pth|Projects|Zero invoicing}} |
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| − | |||
| − | <!--T:19--> |
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| − | * 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. |
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| − | |||
| − | <!--T:20--> |
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| − | * Compare invoiced in the project accounting with those revenue accounts in the bookkeeping that are used in invoicing. Read more in Reconciliation invoiced. |
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| − | |||
| − | <!--T:21--> |
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| − | * Project reports, print in {{pth|Projects|Reports}} |
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| − | |||
| − | === Reconciliation of periodical allocations === <!--T:22--> |
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| − | |||
| − | <!--T:23--> |
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'''Reconciliation:''' |
'''Reconciliation:''' |
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| + | * Update periodical allocations in Accounting | Backoffice | Periodical allocations, tab Update periodical allocations. |
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| + | * Reconcile the allocations in Accounting | Reports, General ledger tab. The report is called Reconciliation Periodical allocations. Make a selection of the future allocations that are booked to the last date in that period. |
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| + | * Example: Period 010725-blank and Accounting date blank -300625. Tick in Print out updated. Compare the amount of the list with the account for automatic periodical allocations. You can see its balance in e.g. Accounting | Queries, Accounts tab or in Accounting | Reports, General ledger tab. |
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| + | '''In case of discrepancy:''' |
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| − | <!--T:24--> |
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| + | * Print the report Reconciliation periodical allocations without selection on period or accounting dates. Make sure that the option Print updated not is ticked. Then you see all allocations that wait for update; there might be unupdated allocations in previous periods to catch up. |
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| − | * Update periodical allocations in {{pth|Accounting|Update periodical allocations}}. |
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| + | * Check the account for periodical allocations in Accounting | Queries, Accounts tab, or in Accounting | Reports, General ledger tab, Account specification. Check in the column Type if there have been bookings without assignment code. |
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| − | * 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}} |
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| + | === VAT === |
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| − | <!--T:25--> |
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| + | Marathon keeps track of VAT- liable revenue, VAT-exempt revenue and foreign export with subaccounts. |
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| − | '''If discrepancy occurs:''' |
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| − | * 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. |
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| + | XXXX01 – VAT-liable domestic |
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| − | <!--T:27--> |
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| − | * Check in {{pth|Accounting|Reports}}/Account specification if there has been any bookings without assignment code. |
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| + | XXXX02 – VAT-exempt domestic |
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| − | === VAT reconciliation === <!--T:28--> |
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| + | XXXX03 – outside the EU |
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| − | <!--T:29--> |
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| − | Marathon separates taxable revenue, tax free revenue and export within EU and outside EU.The system uses subaccounts for separating revenues. |
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| − | <!--T:30--> |
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| − | XXXX01 – taxable within the country |
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| − | |||
| − | <!--T:31--> |
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| − | XXXX02 – tax free within the country |
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| − | |||
| − | <!--T:32--> |
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| − | XXXX03 – outside of the EU |
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| − | |||
| − | <!--T:33--> |
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XXXX04 – within the EU |
XXXX04 – within the EU |
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| + | It is important to keep to Marathon’s structure, to avoid discrepancies. The system is not capable of interpreting and placing bookings on accounts without subaccounts on the VAT declaration. |
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| − | <!--T:34--> |
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| + | The VAT declaration in Accounting | Reports, General ledger tab, requires that the VAT is booked away with a reconciliation account each month. It is recommended that the previous month’s VAT is booked away in the beginning of the following month. That way you can see the VAT history. |
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| − | It is important to stick to the structure above, to avoid discrepancies. |
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| − | If you for example book an amount on account 3010 without sub account, Marathon will not understand that it is taxable revenue. |
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| + | '''Reconciliation''' |
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| − | <!--T:35--> |
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| + | * Make a control count of the VAT declaration for the period. |
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| − | The VAT declaration in {{pth|Accounting|Reports}} provides that Vat is booked away every month to a reconciliation account. |
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| + | '''In case of discrepancy:''' |
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| + | * Make sure that the VAT for previous month is booked away. There might be new transactions after the declaration, which means that the VAT amount this month might be higher. |
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| + | * Print out list VAT reconciliation in Accounting | Reports, General ledger tab and make a selection on Period. Here you can see all entries without “correct” Vat booked. |
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| + | * Look through the VAT account in the Account specification to see that no manual rebookings have been made (except the VAT). The specification is in Accounting | Reports, General ledger tab. |
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| + | ===Sales ledger=== |
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| − | === Reconciliation === <!--T:36--> |
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| + | Reconciliation |
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| + | * Print out balance list per reconciliation date in Accounting | Reports, Sales ledger tab. Check the total amount and compare with the balance on the trade debtor’s account. |
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| + | '''In case of discrepancy:''' |
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| + | * Print out the list Reconciliation to GL in Accounting | Reports, Sales ledger tab to see what day the discrepancy occurred. |
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| + | * Print the list again and select only on the day that the discrepancy occurred, untick the box “Only Summary”. |
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| + | * Check the bookings in the account specification in Accounting | Reports, General ledger tab and check if there are any bookings that lack assignment code in the Type column. |
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| + | * Finally check all invoices in the sales ledger and compare with the invoice amount in the bookkeeping. |
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| + | ===Purchase ledger=== |
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| − | <!--T:37--> |
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| − | * Carefully check your VAT declaration! |
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| − | |||
| − | <!--T:38--> |
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| − | ''' If discrepancy occurs:''' |
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| − | |||
| − | <!--T:39--> |
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| − | * 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. |
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| − | |||
| − | <!--T:40--> |
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| − | * 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. |
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| − | |||
| − | <!--T:85--> |
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| − | * Check the VAT account in {{pth|Accounting|Reports}}/Account specification for selected period |
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| − | |||
| − | <!--T:42--> |
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| − | so that no manually made re-postings have been done (except the re-posting of VAT). |
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| − | |||
| − | === Reconciliation of Sales Ledger === <!--T:43--> |
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| − | |||
| − | <!--T:44--> |
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'''Reconciliation:''' |
'''Reconciliation:''' |
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| + | * Print out balance list in Accounting | Reports, Purchase ledger tab. Check the total amount and compare with the balance on the trade creditor’s account. |
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| + | '''In case of discrepancy:''' |
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| − | <!--T:45--> |
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| − | * Print |
+ | * Print out the list Reconciliation to GL in Accounting | Reports, Purchase ledger tab to see what day the discrepancy occurred. |
| + | * Print the list again and select only on the day that the discrepancy occurred, untick the box “Only Summary”. |
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| − | |||
| + | * Check the bookings in the account specification in Accounting | Reports, General ledger tab and check if there are any bookings that lack assignment code in the Type column. |
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| − | <!--T:46--> |
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| + | * Finally check all invoices in the purchase ledger and compare with the invoice amount in the bookkeeping. |
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| − | '''If discrepancy occurs:''' |
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| + | === Project accounting === |
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| − | |||
| + | ==== Pre-invoice ==== |
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| − | <!--T:47--> |
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| − | * Print list in Reconciliation GL in {{pth|Accounting|Reports}} /Sales ledger to see the date of the discrepancy. |
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| − | |||
| − | * Print the list again and select only the date of the discrepancy, deselect ”Summary only”. |
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| − | * 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. |
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| − | |||
| − | <!--T:48--> |
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| − | * Finish with checking all invoices in the sales ledger with the invoice amounts in the bookkeeping. |
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| − | |||
| − | === Reconciliation of Purchase Ledger === <!--T:49--> |
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| − | |||
| − | <!--T:50--> |
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| − | '''Reconciliation:''' |
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| − | |||
| − | <!--T:51--> |
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| − | * Print balance list in {{pth|Accounting|Reports}}/Purchase ledger per reconciliation date. Match the total amount with the balance in account payable. |
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| − | |||
| − | <!--T:52--> |
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| − | '''If discrepancy occurs:''' |
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| − | |||
| − | <!--T:53--> |
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| − | * Print list Reconciliation GL in {{pth|Accounting|Reports}}/Purchase ledger to see the date of the discrepancy. |
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| − | |||
| − | <!--T:54--> |
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| − | * Print the list again and select only the date of the discrepancy, deselect ”Summary only”. |
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| − | |||
| − | <!--T:55--> |
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| − | * Check the bookings in {{pth|Accounting|Reports}}/Account specification and ensure that no bookings have been made without assignment code. See column Type. |
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| − | |||
| − | <!--T:56--> |
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| − | * Finish with checking all invoices in the purchase ledger with the invoice amounts in the bookkeeping. |
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| − | |||
| − | === Reconciliation Project accounting === <!--T:57--> |
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| − | |||
| − | <!--T:58--> |
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| − | '''Reconciliation of pre-invoiced''' |
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| − | |||
| − | <!--T:59--> |
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'''Reconciliation''' |
'''Reconciliation''' |
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| + | * Print out WIP list Accounting period per reconciliation date in Projects | Reports. Enter all project types and tick the box Totals only. Compare WIP pre-invoiced with the account balance in the bookkeeping. Remember to summarize all subaccounts, i.e. 242001, 242002 etc. |
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| − | |||
| + | '''In case of discrepancy:''' |
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| − | <!--T:61--> |
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| + | * Check the bookings on the account for pre-invoice in the Account specification in Accounting | Reports, General ledger tab. There might be manual bookings during the period. |
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| − | * 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.) |
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| + | ====WIP account purchases==== |
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| − | |||
| + | Purchases in Marathon can either be expensed directly when the invoice is registered or be posted on a WIP account and expensed when invoicing the client. To avoid discrepancy between the WIP account and the WIP in project accounting, no manual bookings should be registered on the WIP account, and no purchases should be registered directly in the project accounting. |
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| − | <!--T:62--> |
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| − | '''If discrepancy occurs:''' |
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| − | |||
| − | <!--T:63--> |
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| − | * 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 |
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| − | |||
| − | <!--T:64--> |
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| − | '''Reconciliation of WIP account for purchases ''' |
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| − | |||
| − | <!--T:65--> |
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| − | 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. |
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| − | |||
| − | <!--T:66--> |
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'''Reconciliation:''' |
'''Reconciliation:''' |
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| + | * Make sure that all purchases are updated for the period in Projects | Backoffice | Transactions, Update WIP tab. |
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| + | * Print WIP list accounting period in Projects | Reports per reconciliation date. Compare the total amount for purchases purchase price with the balance on the WIP account in Accounting | Queries, Accounts tab. Alternatively, print an account statement in Accounting | Reports, General ledger tab. |
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| + | In case of discrepancy |
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| + | * Check that all purchase codes have expenses accounts in Projects | Backoffice | Base registers. |
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| + | * Check the vouchers on the WIP account in Accounting | Queries or in the account specification in Accounting | Reports, General ledger tab. There might be manual bookings made during the period. |
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| + | * Check that Closing balance for the previous year agrees with current year’s Opening balance in the bookkeeping. |
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| + | * If an invoice is reversed after being transferred ti WIP account, the expense must be re-posted manually. |
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| + | ====Invoiced==== |
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| + | * Print out Reconciliation PRO | MED for the period in Accounting | Reports, General ledger tab. If there is a discrepancy, open the row and check the invoiced with discrepancy. The reason for the discrepancy is almost always that an invoice has been manually corrected in Vouchers. |
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| + | * You can also print the report Printout invoice list in Projects | Reports and compare with the revenue accounts in the bookkeeping that are used in the invoicing. You can see the accounts on the cost codes in Projects | Backoffice | Base registers. Remember to reconcile all revenue accounts with VAR account suffixes 01 (domestic VAT), 02 (domestic VAT-exempt), 03 (outside EU), and 04 (within EU). |
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| + | '''In case of discrepancy''' |
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| + | * Check possible manual bookings on the revenue accounts on all voucher types, except for client invoice. |
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| − | <!--T:68--> |
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| − | * Ensure that all purchases are updated for the period in {{pth|Projects|Registration, Correction and updating }} |
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| − | |||
| − | <!--T:69--> |
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| − | * Match Closing balance for previous year with Opening balance for current year. |
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| − | |||
| − | <!--T:70--> |
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| − | * 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. |
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| − | |||
| − | <!--T:71--> |
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| − | '''If discrepancy occurs''' |
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| − | |||
| − | <!--T:86--> |
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| − | * Check that all purchase codes have cost accounts in{{pth|System|Base register/Pro/Cost codes}} → Purchases. |
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| − | |||
| − | <!--T:74--> |
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| − | * Check the vouchers on the WIP account in {{pth|Accounting|Reports}}/Account statement so that no manual bookings have been made during the period. |
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| − | |||
| − | <!--T:75--> |
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| − | * If an invoice is credited after booking to WIP account, the cost must be reposted manually. |
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| − | |||
| − | <!--T:76--> |
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| − | '''Reconciliation invoiced ''' |
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| − | * 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}} |
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| − | |||
| − | <!--T:84--> |
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| − | *Or: |
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| − | 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). |
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| − | |||
| − | '''If discrepancy occurs''' |
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| − | * Check that no manual bookings have been made on the revenue accounts. |
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| − | |||
| − | <!--T:80--> |
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| − | (all voucher types except Client invoice] |
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| − | * 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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| − | <!--T:82--> |
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[[Category:avs-avs-en]] [[Category:Manuals]] [[Category:Accounting]] |
[[Category:avs-avs-en]] [[Category:Manuals]] [[Category:Accounting]] |
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Revision as of 13:55, 11 February 2026
Monthly closing and reconciliations
Monthly closing
Bookkeeping
- Update periodical allocations in Accounting | Backoffice | Periodical allocations, the Update periodical allocations tab.
- Print the Reconciliation periodical allocations in Accounting | Reports, General ledger tab and compare with the balance on the account for periodical allocations. Read further under Reconciliation Periodical allocations.
- Print VAT declaration under Accounting | Reports, General ledger tab. See separate chapter about VAT reconciliation.
Sales ledger
- Check balances on the Trade debtor's accounts and compare with balance report in Accounting | Reports, Sales ledger tab. Read more under Reconciliation Sales ledger.
- Print Payment reminders in Accounting | Client invoices, Reminders tab. Reminders for single invoices is easily made in the Queries tab. Search the invoice and press the Payment reminders button.
- Interest invoicing is made in Accounting | Client invoices, Interest invoices tab.
Purchase ledger
- Check balances on the Trade creditor’s accounts and compare with balance report in Accounting | Reports, Purchase ledger tab. Read more under Reconciliation Purchase ledger.
Project accounting
- Check that everybody has reported their hours Use the report Reconciliation time.
- Register project related costs, book supplier invoices and expense reports.
- Update hours and purchases in Projects | Backoffice | Transactions, Update WIP tab. Adjust and invoice. Close finished projects.
- Zero invoice in Projects | Invoicing, Zero invoicing tab (especially if you use balance sheet account for project purchases).
- Print out WIP list accounting period in Projects | Reports and compare un-deducted pre-invoice (read more in chapter Reconciliation Pre-invoice) and purchase price WIP for purchases with the WIP account for purchases (if it is in use, read more in Reconciliation WIP account purchases).
- Compare invoiced in the project accounting with the revenue accounts in the bookkeeping that are used in the invoicing. Read more in Reconciliation Invoiced.
- Print project reports in Projects | Reports
Reconciliation
Periodical allocations
Reconciliation:
- Update periodical allocations in Accounting | Backoffice | Periodical allocations, tab Update periodical allocations.
- Reconcile the allocations in Accounting | Reports, General ledger tab. The report is called Reconciliation Periodical allocations. Make a selection of the future allocations that are booked to the last date in that period.
- Example: Period 010725-blank and Accounting date blank -300625. Tick in Print out updated. Compare the amount of the list with the account for automatic periodical allocations. You can see its balance in e.g. Accounting | Queries, Accounts tab or in Accounting | Reports, General ledger tab.
In case of discrepancy:
- Print the report Reconciliation periodical allocations without selection on period or accounting dates. Make sure that the option Print updated not is ticked. Then you see all allocations that wait for update; there might be unupdated allocations in previous periods to catch up.
- Check the account for periodical allocations in Accounting | Queries, Accounts tab, or in Accounting | Reports, General ledger tab, Account specification. Check in the column Type if there have been bookings without assignment code.
VAT
Marathon keeps track of VAT- liable revenue, VAT-exempt revenue and foreign export with subaccounts.
XXXX01 – VAT-liable domestic
XXXX02 – VAT-exempt domestic
XXXX03 – outside the EU
XXXX04 – within the EU
It is important to keep to Marathon’s structure, to avoid discrepancies. The system is not capable of interpreting and placing bookings on accounts without subaccounts on the VAT declaration. The VAT declaration in Accounting | Reports, General ledger tab, requires that the VAT is booked away with a reconciliation account each month. It is recommended that the previous month’s VAT is booked away in the beginning of the following month. That way you can see the VAT history.
Reconciliation
- Make a control count of the VAT declaration for the period.
In case of discrepancy:
- Make sure that the VAT for previous month is booked away. There might be new transactions after the declaration, which means that the VAT amount this month might be higher.
- Print out list VAT reconciliation in Accounting | Reports, General ledger tab and make a selection on Period. Here you can see all entries without “correct” Vat booked.
- Look through the VAT account in the Account specification to see that no manual rebookings have been made (except the VAT). The specification is in Accounting | Reports, General ledger tab.
Sales ledger
Reconciliation
- Print out balance list per reconciliation date in Accounting | Reports, Sales ledger tab. Check the total amount and compare with the balance on the trade debtor’s account.
In case of discrepancy:
- Print out the list Reconciliation to GL in Accounting | Reports, Sales ledger tab to see what day the discrepancy occurred.
- Print the list again and select only on the day that the discrepancy occurred, untick the box “Only Summary”.
- Check the bookings in the account specification in Accounting | Reports, General ledger tab and check if there are any bookings that lack assignment code in the Type column.
- Finally check all invoices in the sales ledger and compare with the invoice amount in the bookkeeping.
Purchase ledger
Reconciliation:
- Print out balance list in Accounting | Reports, Purchase ledger tab. Check the total amount and compare with the balance on the trade creditor’s account.
In case of discrepancy:
- Print out the list Reconciliation to GL in Accounting | Reports, Purchase ledger tab to see what day the discrepancy occurred.
- Print the list again and select only on the day that the discrepancy occurred, untick the box “Only Summary”.
- Check the bookings in the account specification in Accounting | Reports, General ledger tab and check if there are any bookings that lack assignment code in the Type column.
- Finally check all invoices in the purchase ledger and compare with the invoice amount in the bookkeeping.
Project accounting
Pre-invoice
Reconciliation
- Print out WIP list Accounting period per reconciliation date in Projects | Reports. Enter all project types and tick the box Totals only. Compare WIP pre-invoiced with the account balance in the bookkeeping. Remember to summarize all subaccounts, i.e. 242001, 242002 etc.
In case of discrepancy:
- Check the bookings on the account for pre-invoice in the Account specification in Accounting | Reports, General ledger tab. There might be manual bookings during the period.
WIP account purchases
Purchases in Marathon can either be expensed directly when the invoice is registered or be posted on a WIP account and expensed when invoicing the client. To avoid discrepancy between the WIP account and the WIP in project accounting, no manual bookings should be registered on the WIP account, and no purchases should be registered directly in the project accounting. Reconciliation:
- Make sure that all purchases are updated for the period in Projects | Backoffice | Transactions, Update WIP tab.
- Print WIP list accounting period in Projects | Reports per reconciliation date. Compare the total amount for purchases purchase price with the balance on the WIP account in Accounting | Queries, Accounts tab. Alternatively, print an account statement in Accounting | Reports, General ledger tab.
In case of discrepancy
- Check that all purchase codes have expenses accounts in Projects | Backoffice | Base registers.
- Check the vouchers on the WIP account in Accounting | Queries or in the account specification in Accounting | Reports, General ledger tab. There might be manual bookings made during the period.
- Check that Closing balance for the previous year agrees with current year’s Opening balance in the bookkeeping.
- If an invoice is reversed after being transferred ti WIP account, the expense must be re-posted manually.
Invoiced
- Print out Reconciliation PRO | MED for the period in Accounting | Reports, General ledger tab. If there is a discrepancy, open the row and check the invoiced with discrepancy. The reason for the discrepancy is almost always that an invoice has been manually corrected in Vouchers.
- You can also print the report Printout invoice list in Projects | Reports and compare with the revenue accounts in the bookkeeping that are used in the invoicing. You can see the accounts on the cost codes in Projects | Backoffice | Base registers. Remember to reconcile all revenue accounts with VAR account suffixes 01 (domestic VAT), 02 (domestic VAT-exempt), 03 (outside EU), and 04 (within EU).
In case of discrepancy
- Check possible manual bookings on the revenue accounts on all voucher types, except for client invoice.
