ISTEK UK LIMITED Support FAQ Fax/Email
FAQ Number : P3 Latest Update: 10/6/07
Month End Procedures
PFM does not have a formal month end closedown procedure. It utilises the transaction date entered to generate reports, so it very important that dates are carefully entered.
The date is particularly important when processing batches of receipts where the money is received at the end of the month but not banked until the start of the following month. In this situation YOU MUST either enter a date for banking before the month end, or change the receipt date for each transaction to after the month end. If you do not, then at the month end point your BALANCE SHEET will not BALANCE. Therefore, receipt date and banking date must be within the same month
It does mean however, that you can begin processing the following month’s transactions immediately because reports can be run for a date range.
1. Process all receipts and payments in Transaction Entry.
2. Process all bank transfers and any transfers required between short codes
3. Reconcile the Bank Accounts in Transaction entry – Bank Statements and Print and File the Reconciliation Report Produced. (Make sure you check for any interest received etc on bank statements, and enter these as receipts before starting the Bank Rec)
4. Print a copy of the Financial reports required, being careful to enter a date in the To date box if you have processed any transactions beyond this month end.
5. Make any adjustments necessary based on the reports produced, and if amendments were made re-run the reports.
6. Print Reports by Account for those responsible for the accounts. The Summary Statement may be all that is necessary at month end.
7. TAKE AN ARCHIVE of the month end position. Call it something like JANUARY 2009 MONTH END, so its clear what it is!
8. And that’s all there is to it!