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Financial Management

Monthly Housekeeping Process

Monthly Financials

  1. Open Next Financial Period (First Day of the Month)

BPO End of Month Transaction Checks and Closures

Check that all transactions that must reflect in this financial period are performed on BPO.

  1. Review Work in Progress
  2. Close work orders
  3. Close calls
  4. Supplier Invoices
  5. Back to Back Supplier Invoices (if collecting from client on behalf of finance house)
  6. Set Current Financial Period (last day of the month)

Recons

  1. Sales and Cost of Sales Reconciliations
  2. Debtors Control to Age Analysis
  3. Creditors Control to Age Analysis
  4. Work in Progress BPO to Pastel
  5. Suspense Account

Stock WIP

  1. Inventory Transfer Suspense
  2. Debit order transfer account
  3. Stock account, BPO to Pastel
  4. Assets, BPO to Pastel

Contracts

  1. Contract Month End Billing
  2. Ensure no 'Unbilled Contracts'

Monthly Financials

  1. Close Completed Financial Period (Last Day of the Month)