This procedure allows you to complete monthly reconciliation tasks in General Ledger.
End-of-month reconciliation of the General Ledger insures that the General Ledger entries for the month have been completed and the General Ledger balances with the subsidiaries. The flexibility of The La Crosse System™ General Ledger module allows you to work in multiple months and years. Technically, there is no closing of a General Ledger fiscal month. However, the fiscal year must be closed before beginning the new year. The system does allow you to work in different fiscal years depending on the response to the Current Fiscal Year? prompt.
NOTE: Use the last day of the month you are reconciling for the “Transaction Date” in all steps.
To insure the accuracy of the reports, both the Accounts Receivable/Billing and Accounts Payable modules must be closed for all activity to be recorded.
You may want to make twelve copies of this report each year so that every month you can check off the procedures as they are completed.
MONTH CLOSING: __________________________
Run Summary Chart Of Accounts and look for additions, changes, or deletions from last month. (GL-4-3) If there are any differences, changes need to be made to your financial statement set up. (GL-3-2)
Complete all journal entries for the month you are closing. (GL-1-1) Be sure to use a transaction date within the month you are working to insure the journal entry is recorded in the correct month. Example: Adjust inventory, post depreciation and amortization.
Transaction Register (4-4--Optional) Prints all month to date transactions for the fiscal month.
General Ledger Detail Report (GL-4-5) Note: Operator selects the specific month (example: June) of ALL months (year-to- date). It is suggested that this report be printed for the month you are closing.
Trial Balance (GL-4-6) Note: Operator selects the specific month (example: June) of ALL months (year-to- date). It is suggested that this report be printed for the month you are closing.
Verification:
A. Debits equal the credits on the reports generated in Steps 4 and 5. If the totals do not match, please call LMS for assistance in correcting.
B. The General Ledger Accounts Payable and Receivable ending balance reconciles with the subsidiary reports (Aged Trial Balances).
C. The General Ledger cash account balances to the bank.
Run Income statements (4-10 7-10) Note: Operator selects the specific month that the financial statement is to be run.
Run Balance Sheet(s) (4-10 1-3) Note: Operator selects the beginning month (which is the first month of your fiscal year) and the ending month (the month you are closing).
Please call La Crosse Management Systems, Inc. if you have any questions. We appreciate your calls. (608) 784-8400.