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Month End Checklist

  • 1.  Month End Checklist

    Posted Jan 24, 2020 02:56 PM
    ​Happy Friday!
    I was checking to see if anyone uses a monthly checklist in GP for their month end reconciliation process. Is there a monthly checklist that you use to ensure all the staff in your organization have completed their entries for the month? I was looking for a tool that is automated that allows me to track the progress or completion of monthly entries or reconciliations that are completed. Is there a tool that ensures all of the accounts are being reconciled? How do other organizations handle their month end process? Currently we are using an excel spreadsheet to track when reconciliations and entries are completed.  We also utilize the recurring entry feature in GP for those entries that are occur each month, and will run a smart list for unposted transactions. Just checking to see if there is a better way that is less manual or how other organizations handle their month end process. Please do share your thoughts, making sure we are utilizing GP to the extent it is capable of assisting in the month end process.

    Thanks in advance,
    Tiffany

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    Tiffany Byrd
    American Society of Health-System Pharmacists
    Bethesda MD
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    Academy - Online Interactive Learning from Experts


  • 2.  RE: Month End Checklist

    SILVER CONTRIBUTOR
    Posted Jan 27, 2020 05:13 PM
    Hi @Tiffany Byrd,

    I haven't seen a formal tool other than Excel for tracking the month-end process, but if you have a list of monthly journal entries you can assign each one a number, then create different 'Source Documents' in GP for each one.

    Let's say you have 9 JE's you need to post every month. Create 9 different Source Documents in GP - ME 01, ME 02, etc. (Setup > Posting > Source Documents) then you can use them in the general (journal) entry window in GL. ME 01 would always be Leasehold Improvements, ME 02 would always be Depreciation Expense, etc. To check if all 9 of your monthly entries are posted for the month, create a SmartList with the columns you need and Search for Source Document between ME 01 and ME 09.

    Source Doc Window

    GL Entry window

    Hope this helps!

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    Jeff Pfershy
    Sr Business Analyst
    BluJay Solutions Inc
    Holland MI
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    Academy - Online Interactive Learning from Experts


  • 3.  RE: Month End Checklist

    Posted Feb 04, 2020 11:39 AM
    Thank you Jeff this is helpful! I was wondering if there was another tool as well within GP to serve as a checklist that the submitters and approvers can utilize. For your excel spreadsheet you are manually updating it each month correct? We are just trying to automate the process and utilize all the tools available within GP.
    I would like to hear how other organizations or tracking their month end tasks and if they created a checklist that they can share.

    Thanks again,
    Tiffany​

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    Tiffany Byrd
    American Society of Health-System Pharmacists
    Bethesda MD
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    Academy - Online Interactive Learning from Experts


  • 4.  RE: Month End Checklist

    GPUG ALL STAR
    Posted Feb 05, 2020 08:22 AM
    Hi @Tiffany Byrd

    There ARE Checklists in all of the modules of GP, including Purchasing.  You'll find them in the "Routines" sections of the modules.  They do require some setup, but will even allow you to set links to the tasks needed to be performed.



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    Academy - Online Interactive Learning from Experts


  • 5.  RE: Month End Checklist

    Posted Feb 05, 2020 08:48 AM
    Hello Jo,
    Thank you for your response. I did see those in each of the modules and was curious how other organizations used them and if you can set reminders of tasks. Does your organization use the checklists in GP for the month end reconciliations and tasks? I figured the setup would be key just wanted to get some ideas on how they are set up. I appreciate your input.

    Best,
    Tiffany​

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    Tiffany Byrd
    American Society of Health-System Pharmacists
    Bethesda MD
    ------------------------------

    Academy - Online Interactive Learning from Experts


  • 6.  RE: Month End Checklist

    Posted Feb 05, 2020 09:00 AM
    We use Blackline to track period-end tasks, reconciliations and journal entries.  It is working very well for us and easy to maintain since it's a SAaS product.

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    Kimberly Lomax
    Manager, Financial Systems
    Rayonier Inc.
    Wildlight FL
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    Academy - Online Interactive Learning from Experts


  • 7.  RE: Month End Checklist

    Posted Feb 11, 2020 09:52 AM
    Hello Kimberly,
    Can you share more about blackline and how it works for tracking reconciliations?

    Thanks,
    Tiffany​

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    Tiffany Byrd
    American Society of Health-System Pharmacists
    Bethesda MD
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    Academy - Online Interactive Learning from Experts


  • 8.  RE: Month End Checklist

    Posted Feb 11, 2020 10:27 AM
    Reconciliation module: We've set up an FTP process that loads our GL balances daily and the properties of the accounts defines whether it gets reconciled or not.  The reconciliation allows for attachments and notes and is automatically routed for approvals based on assigned roles and account configurations.

    Tasks module:  We use this as our journal entry and period-end task list.  These tasks are also routed for approval once completed based on role and task configuration.

    I'm sure they'd be happy to do free demos for you if you reach out to them.

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    Kimberly Lomax
    Manager, Financial Systems
    Rayonier Inc.
    Wildlight FL
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    Academy - Online Interactive Learning from Experts


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