The exact steps you take at month end are determined by your agency. However, Mediaocean recommends 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 PRINT client billings for the month to FINANCIALS using the Post to FINANCIALS option on the MEINTF menu.
Process and post any selected checks for the month to FINANCIALS using the following Accounts Payable options.
Print "What If" Review Listing
Make Changes/Manual Checks
Check Selection
Print Checks
Post Checks to G/L
After all paying and billing for the accounting month are completed, run the PRINT 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 Accounts Payable Open Media Payables Report and comparing it to the FINANCIALS General Ledger Account Analysis Report (for Payable Accounts) for the accounting month.
PRINT: Use the PRINT Cash Disbursements Report and/or the PRINT 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 Accounts Payable Pending Report and comparing it to the FINANCIALS General Ledger Account Analysis Report (for A/P Pending Accounts) for the accounting month.
PRINT: Use the PRINT A/P Pending Report (Option 140), the PRINT Client Billing Recap and/or the PRINT Daily Clearance Log to troubleshoot or when reconciling payables pending account activity from PRINT clearing and billing to FINANCIALS.
Accounts Receivable
FINANCIALS: Reconcile the A/R Subsidiary Ledger to the A/R General Ledger using PRODUCTION Sales Register Report and comparing it to the FINANCIALS General Ledger Account Analysis Report (for A/P Pending Accounts) 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.
PRINT: Use the PRINT Client Billing Recap and/or the PRINT Agency Summary to troubleshoot or when reconciling PRINT 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.