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The Close Month/Fiscal Period function is found on
the Utilities menu. Prior to closing the accounting month / fiscal
period, confirm that all transactions, cash receipts, cash disbursements,
and journal entries for the month have been entered and posted. The
Power Broker system will do a check for un-posted items before proceeding
with month end close.
It is not imperative that the month be closed on the last day of the fiscal
period. the month may be left open until the bank statement is
received and the Bank Reconciliation has been completed. This will
allow you to record all bank charges into the correct accounting period.
Note that until a fiscal period has been closed, it is valid to continue
entering transactions for that period. It is possible to close a month
and re-open at a later date. The month must then be closed again in
the proper manner. If posting late charges to overdue accounts, it is
not recommended to re-open fiscal periods.
When it has been determined that all entries have been entered and posted
for the accounting month, proceed with the function Close Month/Fiscal
Period and answer <Y> to the screen prompt "Are You Sure (Y/N)?'.
respond to the system prompt 'Apply Late Payment Finance Charges (Y/N)?.
The system will prompt to print the following reports:
Operating Statement
Balance Sheet
Trial Balance
General Ledger Listing Summary
Accounts Receivable Listing by Customer
After all reports have been printed you will be prompted 'Close Fiscal
Period - Yes / No'. Before confirming to close the month, analyze the
printed reports for:
a) Accounts Receivable Listing By Customer total agrees to the General
Ledger balance for the Accounts Receivable account as shown on the Balance
Sheet or Trial Balance.
b) Confirm that the Trial Balance is in balance - total credits equal
total debits.
c) Confirm that the Net Income totals reported at the bottom of the
Trial Balance Worksheet agree. One figure is reported from the Balance
Sheet and the other is reported from the Operating Statement.
Other Monthly Procedures:
Customer Statements (Agency Bill) - (Customers - Reports menu)
Customer Statements can be printed any time throughout the month. If
posting late charges at month end, it is recommended that statements be
printed after late charges have been calculated.
Renewal Lists - (Policies - Reports menu)
Print Account Current Detail - (Payables Company - Reports menu)
Reconcile Company Payables - (Payables Company - Functions menu)
This function is recommended only if you are paying the insurance company
based on the insurance company's statement. If you are paying based on
your own statement, use the following function.
Agency Bill Commission Reconciliation - (Invoicing / Commission - Functions
menu) When paying the insurance company based on your own statement,
this function allows you to mark the commissions as being taken and producer
commissions as being paid.
Direct Bill Maintenance & Commission Reconciliation - (Invoicing/Commission
- Functions menu)
Reconcile Cashed Cheques - (Payables General - Functions menu)
This function allows you to mark cheques as cleared by bank. Those
cheques left unmarked will constitute the Outstanding Cheque List used in
the Bank Reconciliation procedure.
Print Bank Reconciliation - (Payables General - Reports menu)
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What if?
a)
What if my Accounts Receivable Listing By Customer total does not agree to the
General Ledger balance for the Accounts Receivable account as shown on the
Balance Sheet or Trial Balance?
If this does not match, then print a General Ledger Listing Details of
your A/R account (30102) and compare it to your A/R, Print Receivables by
Customer using 'Details' rather than Summary.
If all else fails, you would Winzip the files listed here and then contact
techsupport@power-broker.com
and someone will help you paste them to our FTP Site.
custtran.dbf
polltran.dbf
polltran.fpt
chart.dbf
gl_open.dbf
customer.dbf
customer.fpt
cash.dbf
journal.dbf
b) What if when confirming that the Trial Balance is in balance -
that the total credits do NOT equal the
total debits?
If this does not match, this usually means that a Journal Entry did not
write to both the debit and credit side of the transaction. Go to General
Ledger, Reports, General Journal Entries, print for the month in question,
and then verify the balances of your totals.
You could also go to "General Ledger" from your Power Broker desktop, and choose
Browse Active General Ledger database using the Natural Order option (Click into
the screen to view the change) and look for the outage amount.
If all else fails, you would contact
techsupport@power-broker.com,
and mention your outage, and then someone would request that you email this file
once zipped using Winzip. Please indicate in your email the month that is
out of balance and then amount of the discrepancy.
gl_open.dbf
c) What if when confirming that the Net Income totals reported at the bottom of the
Trial Balance Worksheet do NOT agree? One figure is reported from the Balance
Sheet and the other is reported from the Operating Statement.
This may be caused by seeding an income or expense account.
Contact Power Broker technical support and outline your findings.
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Month End Procedures
