The exact steps you take at month end are determined by your agency. However, we recommend that you include these steps in your month end process if you are using Central Pay.
Month End Preparation
These steps should be completed before midnight on the last day of the month to ensure the G/ L entries are made to the ledger in the proper accounting month.
Interface and post all Media (Print, Interactive, Out-of-Home) client billings for the month to AdVault® Financials using the options on MEINTF menu.
Process and post any selected checks for the month to Financials using the Accounts Payable options.
After all paying and billing for the accounting month are completed, run the Daily Clearance Log to update any cash receipts to the General Ledger.
Month End Procedures
Accounts Payable
Financials: Reconcile the A/P Subsidiary Ledger to the A/P General Ledger using the Financials Open Media Payables Report and the Financials Payables G/L account Analysis Report for the accounting month.
Media (Print, Interactive, Out-of-Home): Use the Media Accounting Cash Disbursements Report and/or the Monthly G/L Listing for Cash Disbursements to troubleshoot or when reconciling payable account activity from PRINT clearances to Financials.
Accounts Payable Pending:
Financials: Reconcile the A/P Pending Subsidiary Ledger to the A/P Pending General Ledger using Financials A/P Pending Report and compare to the Financials A/P Pending G/L Account Analysis Report for the accounting month.
Media Accounting: Use the A/P Pending Report, the Client Billing Recap and/or the Media Accounting Daily Clearance Log to troubleshoot or when reconciling payables pending account activity from Media clearing and billing to Financials.
Accounts Receivable:
Financials: Reconcile the A/R Subsidiary Ledger to the A/R General Ledger using Financials Sales Register Report and compare to the Financials A/P Pending G/L Account Analysis Report for the accounting month. If there is a variance, determine if any manual invoices were issued and booked. If not, request PRINT reports listed below.
Media Accounting: Use the Media Accounting Client Billing Recap and/or the Agency Summary to troubleshoot or when reconciling Media Accounting. Billings interfaced to Financials.
Note: The agency should restrict the A/P Pending account to NOT allow manual Journal Entries (JEs). Manual JEs may cause an out of balance condition for the account because there is no sub-ledger detail to support the manual entry.