What reports should I check at the end of each month?

General Ledger reconciliation:

Check for any variations between the general ledger and the sub-ledgers.

1. Customers > Reports > Debtors Reconciliation

2. Suppliers > Reports > Creditors Reconciliation

3. Inventory > Reports > Inventory Reconciliation

The variance should be $0.00.  Investigate any variations by following the steps here: How do I investigate a debtors or creditors reconciliation variance?

Bank Reconciliation:

Perform a bank reconciliation for each bank account and run the bank reconciliation report.

1. Cash Book > Reports > Bank Reconciliation

Sales:

Check for sales orders that may have been delivered but the invoice not yet processed.

1. Sales > Reports > Back Orders and Outstanding Orders

2. Set Product Status to Not BackOrdered AND Unprocessed

Debtors: 

Check for receipts and credit notes that have not been allocated to a sales invoice.

1. Debtors > Reports > Debtors Unallocated Credits

Check for sales invoices that are overdue being paid.

1. Debtors > Reports > Debtors Aged Balance - Detailed.

Creditors: 

Check for purchase orders that have been fulfilled but have not yet been closed. (Closing a purchase order makes an adjusting journal for any stock that was ordered but not received).

1. Purchasing > Reports > Purchase Orders Completed But Not Closed
   
   
   

Check for payments and credit adjustments that have not yet been allocated to a supplier’s invoice.

1. Creditors > Reports > Creditors Unallocated Credits

Check for supplier invoices that have not been entered even though the stock has been received.

1. Purchasing > Reports > Goods Received Notes Uninvoiced

2. Purchasing > Landed Cost > Reports > Inventory Booked In But Not Invoiced

Check for supplier invoices that are due for payment.

1. Run the Creditor Aged Balance – Detailed report to show invoices that have been entered against the creditors.  FX creditors will appear in AUD on this report.

2. Run the FX Creditor Aged Balance – Detailed report to show invoices that have been entered against creditors, in foreign currency, sorted by currency.

3. Run the Creditors Listing by Due Date.
   
   

Inventory:

Jiwa reports stock on hand as at now.  It's not simple to go back in time and report inventory as at a certain date.  Run off the stock on hand report at the end of each month, and particularly at the end of your financial year, and put it aside in case of future reference

1. Inventory > Reports > Stock on Hand

2. Inventory > Reports > Stock on Hand with Allocations

BAS:

Jiwa calculates and reports BAS on an accrual basis.  Review the use of GST codes against transactions for the month.

1. System Settings > Tax > Tax Reports > Business Activity Statement – Worksheet 3

2. Select BAS Grouping = Supplies

3. Select date range

4. Print to screen and review

5. Repeat for Select BAS Grouping = Acquisitions and Pay As You Go

Profitability:

Check your profitability for the month.

1. General Ledger > Reports > Profit & Loss

2. General Ledger > Reports > Balance Sheet

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