End-of-period procedures
>
Month-end procedures
> Task 3: Review reports
Task 3:
Review reports
There are several reports that we recommend you review at the end of each month. You can use these reports to identify and correct any discrepancies in your records, as well as spot any trends in your business.
Report
Description
Receivables Reconciliation
Lists all your outstanding receivables.
Analyze Sales Customer
Lists your company’s sales activity and trends on a month-by-month basis.
Audit Trail
Reviews changes made to recorded transactions, tax codes, account details, and system settings.
Note that before you can track and report changes, you need to activate the audit trail tracking preference. For more information, see
‘Audit trail tracking system’
.
Profit & Loss Statement
Shows your profit and loss figures.
Balance Sheet
Reviews your financial position as of the end of a period.
Summary Trial Balance
Identifies incorrectly entered amounts. When reviewing this report, check for:
•
entries that seem unusually high or low for the account that has been affected
•
debit amounts for accounts that normally have credit entries and vice versa
•
unusually high or low ending balances
•
an unusually high or low number of entries for a specific account.
Profit & Loss Budget Analysis
Lists account balances for a selected period, along with the budgeted amounts for them. If you’ve determined that changes need to be made to the amounts you’ve budgeted for the coming months, you can adjust your budget.
Statement of Cash Flow
Shows how your cash position has changed over a period of time, what profit you have earned, where you received additional cash, and where your cash was spent.
Cash Flow Worksheet
Enables you to estimate your short-term cash needs. For more information, see
‘Analyzing your cash flow [Windows only]’
.
Related topics
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Task 4: Send customer statements
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