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Periodic & Month Ending Procedures

This Help File Page was last Modified on 01/28/2016

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Periodic & Month Ending Procedures

This Help File Page was last Modified on 01/28/2016

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Periodic & Month Ending Procedures

This Help File Page was last Modified on 01/28/2016

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Schedule and Complete Periodic Procedures & Reports -

Use this set of procedures and processes as a Checklist - a guide for knowing what Receivables related tasks should be completed on a regular weekly and/or monthly basis.

Many of these items could/should be performed weekly and some maybe even daily, based on the volume of Financial Transactions your Company processes.  

But the reality is, unless there is a clear Checklist of task, and a schedule associated with them, some things just won't get done when they should.  

 

® Procedures which must be executed - at a minimum - on a monthly basis, are identified with a Diamond.

 

Ý Reports that are identified with an Asterisk may be Previewed and/or Re-Printed at any time in the future.

They will contain the same set of information as long as the same Date Range and report Options are selected.

Closing the Month in AR ensures that those reports will be "frozen" so they can be reprinted later, and still report the same results.

So, unless there is a very specific reason to actually "Print" a report, you don't really need to do so!

If, for whatever reason, you want to save a copy permanently, Print it to a File and save it as a PDF.

 

ê Reports that should probably be saved as they were at the End of the Month (or reprinted using that Date Range) are marked with a Star.

Generally this is because the report is a "snap shot" report of Today's current status and would be different when it is printed "tomorrow" unless the month effecting that report was Closed.

These "snap shot" reports should be "printed" to a file (see Printing to a File) - preferably a "pdf" file - so that it can be viewed - and even re-printed - at any time in the future - but with the information as it existed on the exact day the report was originally created.

 

Periodic Procedures & Processes Reminder List.

This Checklist is presented in no specific order, so Schedule each Task to be completed when it's appropriate for your Company.

 

1.Bill for Recurring Revenue - ® At least once each month, preferably at the same time of the month, bill the Company's Recurring Revenues.  

a.If the multiple billing cycles feature has been implemented, create a specific set of Dates when these Subscriber billing cycles groups will be Invoiced

b.Follow that same pattern every month.

c.Consider creating a Spreadsheet or documented Checklist, which can then repeatedly referenced, so that no billing cycles groups are forgotten.

2.Invoice for any Excessive Signals using the Excessive Signal Form

3.Print Invoices - ® Print Invoices and mail (or E-mail) them as soon as practical after they are entered.

a.It may be more convenient to print them in batches (at the end of each Day, or Week) based on volume.

b.MKMS keeps track of which Invoices have and have not been printed, so you don't have to remember.

c.When you are ready to print and mail them, just Check the Un-Printed Invoices Only option on the Print Invoices Form.

4.Post all Receipts - ® The Bank does not give credit nor pay interest on Cash and/or Checks stored in the Company's safe (or your desk drawer).

a.Bank Deposits should be made daily if there have been Receipts posted.

b.This step should also be on your Daily Checklist

5.Post Auto Drafts - ® Credit Card Payments and Bank Drafts are posted in batches based on when they were Invoiced.

a.Create an Auto Drafts schedule to follow the Recurring Revenue billing schedule recommended above in #1.

6.Allocate Unapplied Receipts - ® Print the the Unallocated Receipts/Credits Report and individually Allocate them (see #7 Unallocated Credit Memos/Deposits below).

7.Assess Late Charges - ® Either once each month, or if you are using Late Fee Groups, whenever required based on your Company's multiple billing cycles.

8.Unallocated Credit Memos/Deposits - ® Print the the Unallocated Receipts/Credits Report and either individually Allocate them, or use the automated method in Post Pending Credits & Deposits.

a.This step could also be on your Daily Checklist.

9.Post Earned Revenue - ® The Post Earned Revenue Form is used to periodically calculate, distribute, and post Earned Revenues to the appropriate General Ledger Accounts, the Transaction File, and the Account Register.

10.Subscriber Statements - ® If those that haven't yet paid are not periodically reminded, they still won't pay - that's must how it is.

11.Custom Pay Increases - ® Each month, review your Auto Bill records with Custom Pay Amounts to see who should have their Pay Rate(s) re-evaluated.

12.Pay Group Changes - ® Globally reset (raise) one or more of the Pay Rates established in the Pay Groups Form

a.This process will automatically adjust the Recurring Revenue Pay Amounts for all Subscribers (if they have Recurring Revenue records assigned to a Pay Group).

13.Review Contracts - ® Using the Subscribers with No Contract report as an information source, update the Subscribers records - as needed - with the latest Monitoring Contract information.

14.Close the Month in AR - ® - Finally, if you are not yet using the General Ledger System, complete the Accounts Receivable System's Month Closing process by executing the Month Closing procedure as described below and in the Closing the Month chapter.

 

Overview of the End of Month Procedures - This should be done shortly after the month actually ends (certainly within 15 days or so) to prevent Accounts Receivable Financial Transactions from accidentally being posted to the wrong month.  

1.Closing the Accounts Receivable module does not affect the General Ledger System except for being notified that there will be no more Financial Transactions posted from the Accounts Receivable module dated on or before that Closing Date

2.Adjustments may still be posted in the General Ledger via the General Journal for a Closed Month, until that month (i.e., Accounting Period) is permanently closed in the General Ledger System.

3.The reports listed below may be Viewed and/or Printed exactly at the end of the month, or Viewed and/or Printed at a later date (paying special attention to entering the appropriate Date or Date Range when recreating each report).

a.Monthly Cash Receipts Report - êÝ - Once all of the Receipts are posted for the completed month, you may View and/or Print a Cash Receipts Report by selecting the appropriate Date Range representing the first through the last day of the month you are closing, or have already closed.

b.Print a Sales Analysis Report - ê- Once all of the Sales are posted for the completed month, print the Sales Analysis Report by selecting the appropriate Date Range representing the first through the last day of the month you are closing, or have already closed.

c.Print the Accounts Receivable (As Of) Report - ê - Once all the Sales and Receipts are entered for a month to be closed (or that was previously closed), print the Accounts Receivable Report, include All Subscriber, Detail and Show Individual Invoices, and be sure to enter the appropriate As of Date representing the last day of the month to be reported.

d.Print an Attrition Report - êÝ - To evaluate the state of the Company's Recurring Revenues, print the Attrition Report. being sure to select the appropriate RMR Acquired/Lost Date Range representing the first through the last day of the month you are closing, or have already closed.

e.Calculate Sales Taxes - Ý - This may be the responsibility of the Accounts Payable Department

i.Review the Tax Rates and Calculate & Remit Sales Taxes chapters to determine the methodology that your Company must follow when remitting Sales Tax to those Taxing Authorities.

ii.Prepare the Tax Reporting and Payment information as required by each Taxing Authority.

iii.Print the Sales Taxes Collected, Sales Taxes Invoiced, and/or the Sales Tax Breakdown report(s), as needed.

iv.Send the Tax Payment(s) to the appropriate Taxing Authorities.

f.Close the Month in AR - ® - Finally, if you are not yet using the General Ledger System, complete the Accounts Receivable System's Month Closing process by executing the Month Closing procedure.