This document is a resource/guide to provide steps to process end of month within each Business Function. Steps/processes are laid out in recommended order and client specific end of month calendar will need to be overlayed.
Month End Process Guide
Plant and Procurement
Plant
Review/Complete Credit Notes requiring approval.
Review/Complete all ‘Existing Hires’ – ensure no hires should have been off-hired.
Run Hire Charge Calculate
Post Plant Charges
Review Charge / Invoice Comparison Report
Run Life to Date Report
Run Utilisation Report
Procurement
Confirm all GRNs entered into COINS. Especially important if using ‘Stock Module’.
Clear unwanted accruals manually or running report (Clear Unwanted Accruals).
Re-open GRNs that are still required after above has been run, if any.
Run/Post Accruals Report (If CVR posting is used for accruals, run this only for Non-CVR contracts).
Review Purchase Orders that are ready to be closed, effectively removing the commitment.
Payroll
Review employee records are current – terminated inactive employees.
Process Superannuation payments and load CSV to clearing house.
Process PAYG invoice payment
Process all 3rd party invoice payments.
Run Leave Liability report.
Run reports for reconciliation YTD:
Generate Payment Summary.
STP employee Pay Summary Report.
Tax report.
Earnings and Deductions report.
Superannuation Report.
Financials
General Ledger
Process Standing Journals.
Process Ad hoc Journals.
Period Maintenance – Extend out to using contract with latest DLP – Check Leap Years.
Review Batch Status Report.
Review Control Accounts Report.
Run Balance Sheet Configurable Report.
Run P & L Configurable Report.
Run Trial Balance Report.
Accounts Payable/Purchase Ledger
Run & Post Accruals Report for all contracts NON-CVR related if using CVR, otherwise run for all contracts.
Run Invoice Register Report.
Run Open Item Reports by Detail and Summary for GL Reconciliation’s – As At.
Run Open Item Reports by Detail and Summary - Current.
Subcontract Ledger (If not using Commercial Manager to manage Subcontract Certification)
Enter Subcontract Certificates via Subcontract Ledger.
Post Subcontract Certificates.
Enter Subcontract Liabilities.
Send Payment Schedules to all relevant Subcontractors.
Run Liabilities Reports by Subcontractor and Contract.
Run Retention Reports by Subcontractor and Contract.
Run Ageing Reports by Detail and Summary for GL Reconciliation’s – As At.
Run Ageing Reports by Detail and Summary - Current.
Sales Ledger/Accounts Receivable
Create AR Invoices.
Post AR Invoices.
Run Open Item Reports by Detail and Summary for GL Reconciliation’s – As At.
Run Open Item Reports by Detail and Summary - Current.
Contract Sales (If not using Commercial Manager to manage Client Billings)
Raise Payment Claim (if used)– Submit and Post.
Raise Certificate – Submit and Post.
Review Contract Sales Register and ensure status for Application/Certificate for each contract is as expected.
Run Outstanding Retention Report by Contract and Customer.
Run Open Item Reports by Detail and Summary for GL Reconciliation’s – As At.
Run Open Item Reports by Detail and Summary - Current.
Fixed Assets
Confirm all acquisitions and disposals have been entered and processed.
Action Invoice Reconciliations.
Run & Post Purchase Batch.
Run and Post Disposal Batch.
Run Calculate Depreciation.
Review Calculated Depreciation Workbench.
Post Depreciation Batch.
Post Asset Costs.
Post Asset Department Transfer.
Run Asset/Income Report.
Run Asset Register Report.
Cash Book
Ensure all bank statements are imported for month to date.
Enter Cash Transaction Entries as required.
Run Auto Bank Reconciliation (if in use), otherwise perform Single Page Bank Reconciliation.
Run Bank Reconciliation Report.
Run Unreconciled Report for GL Reconciliations.
GST
Create GST Return
Review GST Return
Lock GST Return
Submit GST Return and Mark as Submitted
Post GST Return to GL and Mark as Posted
Run GST Reports
Run BAS Report
Commercials
CVR
Generate and Lock CVR – All Cost/Accruals/Billables must be posted prior to locking (Still able amend budgets). Ensure CVR’s at latest position.
Action Forecasts, variations, and manual accruals on CVR.
Allocate WIH and Cashflow within CVR.
Update WIP and Revenue adjustments.
Complete CVR by Commercial team.
Review CVR by Management (if at this point a ‘Management Adjustment’ is deemed required the appropriate CVR will need to be moved back to a status of ‘Incomplete’, adjustment created and then Complete CVR).
Authorize CVRs.
Post CVR Items (Refer Point No. 11 for Non-CVR contracts posting).
Set next CVR Period.
Create CVR Calendar beyond forecasting horizon with EOT.
Generate CVR for current Financial Year completed contracts.
Commercials/BPF
Set Commercial Manager Valuation Period
Commercial Manager Client Billings
Raise Payment Claim – Submit and Post.
Raise Certificate – Submit and Post (may occur after month end).
Issue Invoice if NON-RCTI.
Review Valuations Workbench to ensure status for each Certificate/Contract/Series is as expected.
Subcontract Certification
Review and commit Subcontract Variations.
Raise (Start) Certificate – Submit and Post.
Send Payment Schedules to all relevant Subcontractors.
Enter Subcontract Liabilities for Unposted Certificates.
Review Subcontract Certifications and ensure status for each Subcontract is as expected.
BPF Reporting
Ensure CVR’s marked as Completed.
Ensure GL Forecasts Completed.
Ensure CRM Forecasts Completed.
Run Revenue Reconciliation Pack.
Run Enterprise Trading Summary and Reporting.