MONTH END CLOSE PROCESS
Deltek Vision’s Revenue Generation
Daily Processing & Posting Steps
- Post Invoice Files – NOTE: this is critical
when scheduling Revenue Generation (Do not leave un-posted invoice files overnight)
- Post Accounts Payable Files (Vouchers, Cash Disbursements
or A/P Disbursements)
- Post Cash Receipt Files
- Post Unit Files
- Post Expense Reports Files
- Post Journal Entry Files
Weekly Processing & Posting Steps
- Post any A/P, CR, Unit, Expense or JE Files not already
- Post Timesheets (this assumes you are on weekly 7 day
- Run Revenue Generation (REV GEN) – From Saved Favorite
(See my blog on Rev Gen)
- Run Adjusted Salary Cost (if using) (See my blog on ASJC )
- Run Labor Cross Charge (if using)
- Compare Project Sub-Ledger to General Ledger – Run Project
Earnings Report with Activity set to “Current” on the Activity Tab. Select Current Labor Amount Cost, Current Expense Amount Cost, Current Revenue, Current Profit on the Columns Tab. In the selection criteria set Charge Type Code = R. Note: Active Only UNCHECKED.
- Run a standard income statement and compare to Project
Earnings: Current Revenue = Revenue, Current Profit = Gross Margin, Current Labor Amount Cost = Direct Labor, Current Expense = Reimbursables + Other Directs.
- Review All Sub-ledgers to confirm they agree with General Ledger: Total Aged AR = Balance Sheet Account, Unbilled Receivables from Project Earnings = Balance Sheet Account, Unpaid Payables = Balance Sheet Account & Unpaid Expense Reports = Balance Sheet Account. Balance Sheet Accounts
must be those assigned in Configuration.
Monthly Processing & Posting Steps
- Complete ALL Weekly Processing & Posting Steps
- Open New Period
- Immediately Close Old Period
- The Controller should have access to create and post journal entries in a prior and closed period.
- All other users should be by Security locked into the New & current period to avoid errors.
- Any other Key Reconciliations can be completed including bank rec’s if desired.
- ONLY indirect (overhead) expenses should be posted into the prior now closed period.
- Adjust AP Vouchers – When errors were made, you can adjust AP Vouchers so that the correction remains attached to the original. See “MANUALAP VOUCHER ADJUSTMENT” file.
- Recurring Journals like Depreciation etc. can be posted anytime throughout the month, but if not done post now.
- Review Financials for any necessary adjustments. Note: Anything
above Gross Margin line should be done in the new period, the old period should
not be touched except for Indirect Expense entries. (See my Blog Accounting 101)