End of Month

It is imperative to establish and carefully follow a procedure for closing the month to ensure accurate accounts receivable data.

We recommend the following steps for your end of month billing cycle.

1. To close a month, finish entering all charges for the month as quickly after the month end as possible.
2. Perform the final processing for the month, being sure to enter no selection criteria except the Charges Service Thru date on the last one. This ensures that no bills for the month have been missed.
3. The day you drop the last bills for the month should only have charges entered for that month. Do not finish entering charges for February in the morning, drop bills and then start entering charges for March in the afternoon. To run reports using date of entry, you want any given day to be included in one month or another, not two months.
4. To prove a month: take the Aged Accounts Receivable from last month and put that dollar amount on the Monthly Process Summary Beginning A/R Amount line on the report specifications screen. This report, once run, will show you the new aged accounts receivable. Note that the Current Accounts Receivable report is not a balancing report. It includes activity that has not been reconciled or processed. It should never be given to the Finance department or used to reconcile anything.
5. If you wish, you can also prove that the software is in balance over all. To do this, use the following formula: Total Billable from Journal = Aged Accounts Receivable Total (no dates). If you prefer the Invoice Entry Summary Report, you can also run that report with no dates and compare the Processed Total with the Aged Accounts Receivable Total.