Minimum Version Required: 22.01
Steps
Navigating Daily/Monthly Best Practices
1. Using the Universal Search Bar, navigate to the Daily/Monthly Best Practices Dashboard
2. The End of Day tab of this Dashboard serves as an overview of information relevant to each End of Day process (Invoice Close, Accounts Receivable Close, Accounts Payable Close, and Financial Close)
2. Start by selecting a Company from the Company dropdown menu, and the date that you are going to close
3. Click the arrow to reset the data for the Company and date selected
4. Clicking Load Sheets to Balance will redirect you to Returned Load Sheets dated on or before the date selected
5. Back in Daily/Monthly Best Practices, click Enter Mail In Load Sheets if you need to add payments to Balance the Returned Load Sheets from the previous step
6. Once you have Balanced Load Sheets, you are ready to run Invoice Close
7. Clicking Receipts Without Deposits will direct you to Balanced Invoices dated on or before the date selected that have not been added to a Deposit
8. Navigate to the Deposits Table to add or edit Deposits
9. Once you have added or edited Deposits, you are ready to run Accounts Receivable Close
10. Clicking Vendor Purchases to Confirm will direct you to Received Purchases dated on or before the date selected
11. Confirm Purchases that are Received
12. Once you have confirmed Purchases, you are ready to run Accounts Payable Close
13. Clicking Enter Manual Journal Entries will direct you to the Journal Entries Table
14. You can then add or edit Journal Entries
15. Once you have added or edited Journal Entries, you are ready to run Financial Close
16. Clicking End of Day will direct you to the End of Day Dashboard where you can close each period
Fields And Definitions
Invoice Close Date - If a Company is specified, this is the date that Company has closed Invoices through. In other words, Balanced Load Sheets and Invoices dated on or before this date have been Verified. If a Company is not specified, this defaults to the most historical Invoice Close date of the Companies in the site.
Accounts Receivable Close Date - If a Company is specified, this is the date that Company has closed Accounts Receivable through. In other words, Balanced Deposits dated on or before this date have been Verified. If a Company is not specified, this defaults to the most historical Invoice Close date of the Companies in the site.
Accounts Payable Close Date - If a Company is specified, this is the date that Company has closed Accounts Payable through. In other words, Confirmed Purchases dated on or before this date have been Verified. If a Company is not specified, this defaults to the most historical Invoice Close date of the Companies in the site.
Financial Close - If a Company is specified, this is the date that Company has closed Financials through. In other words, Balanced Journal Entries dated on or before this date have been Verified. If a Company is not specified, this defaults to the most historical Invoice Close date of the Companies in the site.
Best Practices
Run Invoice Close, Accounts Receivable Close, and Accounts Payable Close on a daily basis or as frequently as possible.