QuickBooks Month-End Reconciliation
Month End Checklist - GoldFinch
Check Inventory and COGS activity
Post all open Purchase Receipts and Purchase Invoices if available
Post all open Sales Shipments and invoice them
Post all open "Adjustment" Item Journals
Post output for Work Orders and Finish them if they are complete
Month End Routines
Check that "Adjust Cost" has been run or run it manually
Update allowed posting date ranges
To learn more, read this document Month-End Routines
Check Exported Sales and Purchase Invoices
Check that all sales and purchase invoices or credit memos for the month have been exported and imported into QuickBooks.
Compare the Sales Invoice and Purchase Invoice totals for the month by running the 'GF2012 Sales Invoice List' and 'GF3009 Purchase Invoice List' reports in GoldFinch with the Sales and Purchase invoice reports in QuickBooks.
Reports from GoldFinch
GF2012 Sales Invoices List
GF3009 Purchase Invoices List
Reports from QuickBooks
Sales by Customer Detail
Purchases by Vendor Detail
Month End Reconciliation
At the end of the month, you must review and post one set of adjustment entries to Quick Books to account for:
Net GL Changes for the month in GoldFinch
Accrued AP for Received Not Invoiced
Misc. GL entries posted for discount, freight, chargeback expenses, etc.
To export Excel schedule:
Go to the GL Accounts.
Click on the All view.
Click on Export Month-End Reconciliation
Enter the Month End Date.
Select Export to Download and open the Excel file.
Ensure the "Total" row and the "Difference" column has 0 value, then use the End of Month Adj. Entries to post in QuickBooks.
End of Month Adjustment Amount for Accrued AP is the total Expected Cost changes for the month. To reconcile this amount, run GF1003 Inventory to GL Recon As of Date report for the end of the previous month, and the end of the current month, and then compare the Expected Costs between the two reports.
Expected Costs are the total of the Received Not Invoiced amount and the Shipped Not Invoiced amount.