Månedsavslutt og avstemminger

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.