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EXO End of Month Checklist

This checklist has been designed to assist you with your end of month process in EXO and should be modified to meet with your specific requirements and processes.

This checklist has been update for v8.630 of EXO.

NOTE:  If you are running a version of EXO earlier then v8.300 you need to lock / unlock all ledgers at the same time.

 

TASKS TO COMPLETE BEFORE END OF PERIOD ROLL

 

Task

Due By

Completed

1.

Ensure all inwards goods receipts have been costed

To ensure accurate stock values as the end of the month it is imported to ensure that all the stock that has been receipted in the warehouse has not only been receipted in EXO but also costed as it is the costing process that increase the quantity on hand in EXO.

This can be done by checking what inwards goods receipts are not complete from the 'Inwards Goods Receipt' search screen.

 1.jpg

 

EOM

Or during the month

 

2. 

Print and or save as PDF the final version of the 'Purchases Clearing' Report.

Reports > Purchases Reports drop down menu.

This report is used to substantiate the balance in the balance in the 'Purchases Clearing' account in the General Ledger.

EOM

 

3.

Print and or save to PDF your 'Stock Valuation Report'

Reports > Stock Reports drop down menu

In v8.500 of EXO retrospective stock valuation reporting was introduced, even with this new feature it is recommended that an end of period stock valuation report is produced.   Running an end of period stock report will allow you to easily identify any transactions that have been posted to a prior period.

EOM

 

4.

Ensure all FX Debtor and Creditor invoices have been entered into EXO

EOM

 

5.

Ensure all FX Debtor receipts and FX Debtor payments have been entered into EXO

EOM

 

6.

Run the Foreign Exchange Rate Calculator

End of Month > 3. Exch. Rate Variance Calculator business flow menu

EOM

This can be run during the month

 

7.

Review realised and unrealised gains/losses on transactions for accuracy and make amendments as required.

This utility can be run during the course of the month so that checks are completed prior to completing the period roll.

NOTE:  Realised FX gains/losses can now be posted through the 'Post Ledgers to GL' and banking batch processes.  Familiarity with the foreign currency process in EXO is highly recommended before this feature is used.

EOM

This can be run during the month

 

 8.

Rerun the foreign exchange rate calculator

EOM

 

9.

Print and or save to PDF the detail and summary reports.

 

It is recommended that the following reports are run as they cannot be produced retrospectively hence should be printed before posting your foreign exchange adjustments.  If you are not taking up unrealised gains/losses they reports C and D are not required.

a)     Detailed Report – reports realised gains/losses that will be posted

b)    Summary Report – reports realised and unrealised gains/losses that will be posted

c)     Creditors Gains/Losses – details unrealised gains/losses calculated on Creditor transactions that will be posted if posting unrealised gains/losses to the GL

d)    Debtors Gains/Losses – details unrealised gains/losses calculated on Debtor transactions that will be posted if posting unrealised gains/losses to the GL

EOM

 

 10.

Post foreign currency adjustments to the GL

If you are only taking up realised gains / losses then only tick the following options;

  • Take up allocated Debtor transactions
  • Take up allocated Creditor transactions

 2.jpg

If you are taking up both realised and unrealised gains/loss then tick the following options;

  • Take up allocated Debtor transactions
  • Take up allocated Creditor transactions
  • Adjust General Ledger Debtor control a/c with reversing journal
  • Adjust General Ledger Creditor control a/c with reversing journal

3.jpg

Only select the following box if you want to revalue your foreign currency accounts in the General Ledger using the default exchange rates.

  • Adjust foreign currency General Ledger a/c balances

 4.jpg

 

EOM

 

11.

Backup database and restore to End of Month database

Check with your EXO consultant if you are unsure of this process.

 

 

 12.

Roll end of period

End of Month > Roll End of Period business flow menu

Each ledger can be rolled independently however it is highly recommended that all 4 ledgers are rolled together.

5.jpg

 

 

13.

Update EXO default FX rates as required

General Ledger > Update Exchange Rates business flow menu

This is dependent upon your company policy as to whether this process is completed prior to your end of period roll over or after.  EXO uses these default system rates to calculate unrealised gains/loss on Debtors, Creditors and foreign currency GL accounts.

EOM

 

 

DEBTORS LEDGER

 

Task

Due By

Completed

14.

Ensure all debtor payments have been entered into EXO

Ensure that the correct date and age are entered against each transaction and when preparing your banking batch ensure that the banking batch is posted to the correct period in the GL to avoid reconciliation issues.

EOM + 1 Day

 

15.

Print and or save to PDF final Debtor Aged Balance Report for the prior period.

If you are not taking up unrealised gains/losses on exchange ensure that when you run your Debtors Aged Balances report you do not convert balance, this process will revalue any foreign currency invoices using EXO default exchange rates.

6.jpg 

 

EOM + 1 Day

 

16.

Print or email Debtor statements

End of Month > Print Debtor Statements business flow menu

The Mailshot option can be used to print and email statements at the same time in addition to adding attachments to outgoing email statements.

EOM + 1 Day

 

17.

LOCK THE DEBTORS LEDGER

General Ledger > Lock Financial Periods business flow menu

EOM + 1 Day

 

18.

Post Debtors ledger to the GL

EOM + 1 Day

 

19.

Check for un-posted General Ledger batches

From Post Ledger to GL check Reload GL Post Run

 7.jpg

EOM + 1 Day

 

20.

Ensure all Debtor payments have been posted to the GL

Check the banking batch search screen for any un-posted banking batches.

EOM + 1 Day

 

21.

Reconcile your Debtors control account in the General Ledger to the Debtors Aged Balance report.

EOM + 1 Day

 

 

STOCK LEDGER

 

Task

Due By

Completed

 22.

Ensure all stock transactions have been posted to the General Ledger

 

EOM + 1 Day

 

23.

Reconcile your inventory control account in the General Ledger to the Stock Valuation Report

 

The Inventory account will not always reconcile to the stock valuation report primarily due to rounding and foreign currency variations however any variances must be within accepted tolerance levels.  Any variance above the tolerance level should be investigated.

 

 

24.

LOCK THE STOCK LEDGER

 

General Ledger > Lock Financial Periods business flow menu

EOM + 1 Day

 

 

CREDITORS LEDGER

 

Task

Due By

Completed

 25.

Ensure all creditor invoices and payments have been entered into EXO.

EOM + 5 Days

 

26.

Print and or save to PDF final Creditors Aged Balance Report for the prior period.

If you are not taking up unrealised gains/losses on exchange ensure that when you run your Creditors Aged Balances report you do not convert balance, this process will revalue any FX invoice using EXO default exchange rates.

EOM + 5 Days

 

27.

Post Creditors ledger to the GL

EOM + 5 Days

 

28.

Check for un-posted General Ledger batches

From Post Ledger to GL check Reload GL Post Run

EOM + 5 Days

 

29.

LOCK THE CREDITORS LEDGER

General Ledger > Lock Financial Periods business flow menu

EOM + 5 Days

 

30.

Check and post any further realised gains/losses on exchange for the prior period

EOM + 5 Days

 

31.

Reconcile your Creditors control account in the General Ledger to the Creditors Aged Balance report

EOM + 5 Days

 

 

GENERAL LEDGER

 

Task

Due By

Completed

32.

Run the data verification process to check the integrity of your data

Utilities > Data Verification drop down menu

EOM + 6 Days

 

33.

Run the Trial Balance Tree to ensure that you General Ledger balances

Ensure that your branch selection is set to ‘ALL BRANCHES’

EOM + 6 Days

 

34.

Reconcile your Purchases Clearing account to the Purchases Clearing Report.

EOM + 6 Days

 

35.

Reconcile your On Cost Clearing account

The bank reconciliation function can be used to reconcile this account

EOM + 6 Days

 

36.

Complete reconciliations of all bank and clearing accounts

EOM + 6 Days

 

37.

Reconcile payroll accounts to payroll reports

a)    PAYG Clearing

b)    Superannuation Clearing

c)    Deduction Clearing

d)    Wage related expense accounts

If using EXO Employer Service run the General Ledger report by account to assist with this reconciliation process.

EOM + 6 Days

 

38.

Reconcile Tax Reports to the movement in the GL for the month

a)    GST Paid

b)    GST Collected

Reports > Tax Reports > Tax Report by Rate Type drop down menu

EOM + 6 Days

 

39.

Review your Profit & Loss report/(s)

EOM + 6 Days

 

40.

Review your Balance Sheet report

EOM + 6 Days

 

41.

LOCK THE GENERAL LEDGER

General Ledger > Lock Financial Periods business flow menu

EOM + 6 Days

 

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