Each Day

  • Sell and receive sales payments as they happen
  • Enter Purchases and make purchase payments as they are received

At End of Period (Normally each day)

  • Select Close batch and produce the report
  • If any payment method amount is Under or Over work out what has happened and make any adjustments
  • Check the Debtors figures to ensure no mistakes have been made on Payments or Account invoices
  • If possible close the batch again after any adjustments have been made (so not confused with next day)
  • Enter Bankings for each payment method
  • Make sure In-Hand balances are correct (as on Accounts summary screen)

At end of each Tax period (Normally each Quarter)

  • Make sure accounts (eg: Bank Balance) are reconciled. Print reconciliation report with Opening and Closing balances
  • Print Aged Debtors and Aged Creditors and confirm entries are correct
  • Produce accounting reports for Sales, Purchases and Used Unit Scheme
  • Check for errors especially GST on purchases. If changes made re-print
  • When confirmed print off BAS Report and submit
  • Recommended - Enter reports in appropriate section of an Accounts file

At end of each P&L period (Normally each Year)

  • At end of last day produce lists of certain closing balances hard to reproduce eg: Parts in Store, Parts in Repairs, Parts in SalesOrders
  • Get everything up to date
  • Do End of Tax period items as above
  • Produce other closing balance reports eg: Units in stock, Debtors, Creditors
  • Run the Year End Procedure (See Accounts / Maintenance)
  • Produce Profit and Loss and Balance sheet reports for the year
  • Make sure the opening balances for the new financial year are correct
  • Recommended - Enter reports in appropriate section of an Accounts file