• Before you close out the month...
• Reconciling the accounts receivable
• Steps to ensure that the amounts agree
• Reconciling the WIP
• Steps to ensure that the amounts agree
• Reconciling an unapplied cash receipt

Before you close out the month...

Prior to closing out the month, ensure that you have completed the following:

1. Enter all time and expenses for the period. Show me

2. Process all the invoices for the period, including all recurring invoices. Show me

   Note

   • Closing the month or year is not possible until all the recurring invoices have been processed.

3. Approve the proposed invoices created during the period. When approved, proposed invoices can be changed to interim or final invoices.

   Note

   • If proposed invoices are not approved before closing the month, a message will notify you of their existence when changing the active current period in the company profile. You then have the option to delete them. At this point if you are choosing proposed invoices not to be deleted, they will remain in the file to be finalized at a later date.

4. Process all the cash receipts and credit notes for the period.

5. Process interest charges for the period, if applicable.

Next Steps

After completing the above steps and before moving to the next period, process the following:

1. Run the diagnostics reports in all available areas. Time diagnostics presents critical and warning error messages to alert you to areas in the file that are missing completion information or are not functioning properly. For information on correcting diagnostic errors, refer to the Diagnostics Index, which is an index of every diagnostic error that Time generates. Pressing F1 while viewing a diagnostic document accesses the Diagnostics Index.

2. If any discrepancies should occur and errors are reported, fix the diagnostics.

   Note

   • There may be some problems reported in diagnostics that you may not be able to correct. In this case, contact CaseWare^® Technical Support for assistance. If the errors are not corrected in the file, it may affect the Accounts Receivable and WIP balances.

3. Reconcile the Work in process to the various WIP reports and the Accounts receivables to the various accounts receivable reports. Once you are sure that everything is in sync, print both of the reports. When you move to the next period, the first thing you should do is to re-examine the WIP Reconciliation and Receivable Reconciliation Reports. The closing balance on the reports from the previous month should match the opening balance for the new month.

4. Print the reports contained in the Month End Documents folder found on the Document Manager.

A "Month End Documents " folder has been added to the Document Manager in CTDemo and to any new file that you set up using Time. It provides easy access to the documents used in month-end procedures, arranged into sub folders.

If you are updating an existing Time file that has no month end documents, and you want to use a month end folder, set it up manually using the one in CTDemo as a guide.