In order to ensure that your Actionstep accounting gives correct results throughout the year we suggest the following process at the end of each month:
- Complete a Bank Reconciliation at Month End for every Bank account
- Run your Billing to the Month End
- Raise any Credits or complete any write offs required.
- Print and post Debtor Statements.
- Print your Matter billing list to the end of month - this will give you a WIP figure if you require it for any accounting adjustments.
- If your legislation allows it - apply any Trust Funds to invoices (in some jurisdictions this cannot be done immediately).
- Set the Lock out date on the Trust Accounting - this date can be set prior to the Lock out date on the accounting but cannot be an earlier date than the accounting lock out date.
- Print and Return any Trust Reports as required in your Jurisdiction
- Enter all the supplier invoices into the Purchases | Expense area of your system.
- Reconcile the Supplier Statements
- Process any regular adjustment Journals identified by your business.
- Look at your reports. We do suggest printing your Income Statements for the last six months with each month in a separate column. This will allow you to see where you may have missed a transaction: ie the prior 5 months have a charge for cleaning, this month doesn't - have you missed an invoice?
- Once you are happy with the result we do recommend that you re-set the Accounting Lock out date (found under Admin > Accounting > Accounting Preferences) to prevent users making changes.