Month End Procedures for Rental Management


Getting Started Overview Information Guide ->

To be Completed on the last Working Day of the Month. All Daily and Weekly activities to be completed first.

  1. Accounts Receivable Finance Charges and Statements
    _____  Generate Finance Charges
    _____  Post Finance Charges
    _____  Fax Statements  (if applicable)
    _____  Customer Statements
    
  2. Balancing the Accounts Receivable
    _____  Aged A/R Summary
    _____  G/L Account Inquiry:
           Select A/R Account
           Period End Date = Month End
           Accumulate Prior Balance = Y
           Paging Screen = N,   Summary.
    
       Aged A/R Summary Report Total       ____________________
    
       G/L Acct #_______ Balance on Screen ____________________
    
                           Difference      ____________________
    
    
  3. Clearing Accounts to have Month End Balance = Zero
    _____  Acct #________  Cash Clearing
    _____  Acct #________  Customer Refunds Owing
    _____  Acct #________  Suspense
    _____  Acct #________  ____________________________
    _____  Acct #________  ____________________________
    _____  Acct #________  ____________________________
    
  4. Balancing Customer Deposits
    _____  O/S Deposits Report
    
    _____  G/L Account Inquiry:
           Select Customer Deposits Account
           Period End Date = Month End
           Accumulate Prior Balance = Y
           Paging Screen = N, Summary.
    
       G/L Acct #_______ Balance on Screen ____________________
    
       Outstanding Deposits Report Total   ____________________
    
                           Difference      ____________________
    
    
  5. Rental Equipment Sold
    _____  Allocate Bulk Disposals
    _____  Daily Close 3  to post bulk disposals
    _____  Disposal Transactions Report  - for current month
    
    
  6. Balancing Equipment Inventory Value and Depreciation Edit
       - monthly or yearly
    
    _____  Bulk Disposals completed first - see step 5 above
    
    _____  Check that all Warehouse Receiving and A/P Invoices have been entered
    
    _____  Verify Tag Qty = Loc Qty - this checks that all items have a Fixed Asset Tag.
                    Items that appear on the report need correcting in Rental Inventory
    _____  New Acquisitions Report - for current month only
           Sort by Depreciation Class = Yes - confirm that new items are in the correct class
    
    _____  Inventory Value Report - confirm that the report totals
           balance to the General Ledger Accounts for Rental Inventory
    
    _____  Depreciation  Run - Sort by Depreciation Class
           "Report Printed Ok " - NO for the Edit,  YES for final run
    
    _____  Miscellaneous G/L Journals & Post Miscellaneous G/L Journals
           to post Depreciation
    
    
  7. Commissions
           - Bulk Disposals completed first - see Step 5
           - pick one of the following:
    
    _____  Salesman Commission Report
    _____  Commission Report By Payment
    
    
    _____  Salesman Detail Report
    _____  Salesman Summary Report
    
    
  8. Accrual for Unbilled Revenue
    _____  Unbilled Revenue Report
    _____  Miscellaneous G/L Journals and Post Miscellaneous G/L Journals
           to post Accrual of Unbilled Revenue
    
    
  9. Optional Management Reports
    _____  Inventory Value Reports
    
    _____  Missed Rentals Report
    
    _____  Rental Utilization Reports
    
    _____  Gross Margin Analysis Report
    
    _____  Equipment Financial Utilization
    _____  Equipment Summary Report
    
    _____  Taxable/Nontaxable Invoice Report  - for U.S. sales tax preparation
    
    
    
    
  10. Roll-over Month End Dates
    _____  Month End Date Range Roll-Over
           Roll over all dates except programs relating to Accounts Payable & General Ledger functions.
    

MONTH END FINAL CLOSE OUT

According to your company requirements, select 5 to 10 days after month end to finalize the month's activities. Between 5 and 10 days is usually allowed for late arrival of Accounts Payable invoices and the completion of the Bank reconciliation.

  1. Accounts Payable Close Out

    Allow 5 to 10 days for later arrival of invoices, then close the A/P, and no longer use the previous month as the Post Date. Invoices arriving after the month end close must use the next month's post date.

    Note: Next month's invoices may be posted even though the previous month is not closed.

    _____  Vendor Account Inquiry  - use this to check Vendor Statements
           as they arrive
    _____  Aged A/P Summary Report  (use Month End Date)
    _____  G/L Account Inquiry
           Select Accounts Payable Account
           Period End Date = Month End
           Accumulate Prior Balance = Y
           Paging Screen = N
           Summary.
    
    Aged A/P Summary Report Total                        ____________________
    
    G/L Acct #_______ Balance on Screen                  ____________________
    
                           Difference         ____________________
    
    
  2. General Ledger Close Out
    _____  All G/L Checks Posted
    _____  All Misc and Standard Journals posted
    _____  Banks Reconciled
    _____  Trial Balance By Account# Range  Summary for the month
           - check the following:
           _____ All Clearing Accounts checked for zero balances
           _____ Errors or unusual entries
    
    _____  Summarize G/L For Financial Statements
    _____  Balance Sheet
    _____  Income Statement
    
    
    Optional:
    _____  G/L Trial Balance  (comprehensive report should be done
           before compression)
    _____  Compress General Ledger  Transactions for the month only
    (Print the Trial Balance Detail for the month first, and never compress if the report is out of balance)
    
    
  3. Roll-over Month End Dates for A/P and G/L
    _____  Date Range Control
           Change date ranges for programs relating to Accounts Payable & General Ledger only
    

Topic Keyword: GS1003
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