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Closing The Month

This Help File Page was last Modified on 01/01/2012

Closing The Month

This Help File Page was last Modified on 01/01/2012

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Closing The Month

This Help File Page was last Modified on 01/01/2012

Previous topic Next topic  
Closing a Month means that you are telling MKMS to no longer accept transaction changes, additions or corrections dated on or before the month closing date (automatically set as the last day of the selected month).
It is standard business accounting practice to close a month soon after it has ended, from 15 - 30 days at the most, from the end of that month.
Because you still will have access to the Bounced Checks and Credit Memos processes, any transactions that must be reversed at a later time are easily done with these two available methods, so there is really no reason not to close a month.
Closing a Month will also prevent anyone from accidentally entering the wrong (old) date.
From a security standpoint, once you have printed your month ending reports (see below), you are not likely to do it again.
The danger here is that a user could go back and make a (fraudulent) entry that you might never see - providing an avenue for possible embezzlement.

 

Your End of Month Procedures - The steps outlined below cover what normally should be done when an accounting period has been completed.

This should be done shortly after the month actually ends (certainly within 15 days or so) to prevent transactions being accidentally posted to the wrong month.  Certain reports should be printed exactly at the end of the month ("â").

Print a Monthly Cash Receipts Report - â- Once all of the Receipts are posted for the completed month, print the Monthly Cash Receipts Report by selecting Specific Dates (the first through the last day of the month you are closing).
Print a Sales Analysis Report - â- Once all of the Sales are entered for the completed month, print the Sales Analysis Report for the month to be closed.
Print the Credits Issued Report - â- Once all of the Credit Memos are entered for the completed month, print the Credits Issued Report for the month being closed.
Print the Accounts Receivable Report - â- Once all the Sales and Receipts are entered (and before posting any Sales or Receipts for the current month), print the Accounts Receivable Report, include All Subscriber, Detail and Show Individual Invoices.
Print an Attrition Report - To take a look at the state of your recurring revenues, print the Attrition Report.
Calculate Sales Taxes (This may be the responsibility of the Accounts Payable Department) - Prepare for the Tax Reporting and Payment requirements you have.
Print your Recurring Revenue related Reports as needed to have a clearer picture of how you are doing.
Finally, complete the closing of the Accounts Receivable System by executing the Month Close procedure.
See Month Close procedure for specific instructions.