Best Practices for Month End

Follow

Comments

6 comments

  • Rebecca Ralls

    This is super helpful! Thanks for putting together such a well organized list.

    0
    Comment actions Permalink
  • Jeanae Remala

    Our trail balance is out of balance.  How does this happen??

    https://acctseed.na54.visual.force.com/apex/ReportViewer?id=a2P0a000001AIL0EAO  

    0
    Comment actions Permalink
  • Jeanae Remala

    Also, why on the Standard Balance Sheet report on the Accounting Home/Financial Statements, YTD net income on the balance sheet does not tie to the Profit & Loss?https://acctseed.na54.visual.force.com/apex/ReportViewer?id=a2P0a000001AIKgEAO 

    https://acctseed.na54.visual.force.com/apex/ReportViewer?id=a2P0a000001AIKwEAO

    0
    Comment actions Permalink
  • Jeanae Remala

    I figured this out.  The standard report is using Calendar Year earnings on the balance sheet versus the correct number - that should be fiscal year earnings.  So, that's the issue. How does standard balance sheet report get corrected to pick-up Fiscal Year Earnings on B/S instead of Calendar year??

    0
    Comment actions Permalink
  • Ryan Faulkingham

    Hi Jeanae,

    It sounds like you will want to double check a couple of setup items:

    • In Accounting Settings, verify that the current year earnings and retained earnings are pointing to the correct GL accounts. Both of these should be equity accounts. 
    • You will want to configure your accounting periods so that the last period in your fiscal year ends with YYYY-12. For example, if June is your last year of your fiscal period, then June should be 2017-12. Then, work backwards so May would be 2017-11 and so on. The system will close out the net income to the retained earnings based on this final period. 

    Thank you,

    Ryan

    0
    Comment actions Permalink
  • Rebecca Ralls

    Your list of Balance Sheet items to reconcile is missing Work in Process.  

    0
    Comment actions Permalink

Article is closed for comments.