Month-End Closing Procedures for AP in JSI

Month-End Closing Procedures for AP in JSI

Table of Contents
  1. Introduction:
  2. Suggested Reports for Month-End Payables Balancing:
    1. Payables
      1. Taxes/Freight
      2. Aged Trial Balance
      3. Ledger Listing Reports: Adjustments and Write-Off Adjustment
        1. Adjustment Report:
        2. Write-Off Adjustments:
      4. Ledger Reports: Purchase and Cash Disbursement Journals 
        1. Purchase Journal
        2. Cash Disbursement Journal
    2. Ledger Module - Balancing and Linking
  3. Closing the Payables Module - Month-End
    1. Setup

 

Introduction:

The following wiki explains the recommended reports to use to balance the AP module prior to closing the module in JSI.

 

Suggested Reports for Month-End Payables Balancing:

Payables

In the main VJSI menu, go to:

  • Payables
  • Reports
  • Report Menu

 

 

Taxes/Freight

Select "Taxes/Freight".

This will allow you to compare your Federal/Provincial sub-ledger tax postings to the GL tax account values. 

Select the appropriate Posting Year-Period (period to period).

Keep the first reporting date open (blank) to the end of the month being balanced.

Run Canadian and U.S. separately (recommended) or run for Both.

Converted Totals:

  • Select "Yes" if using Foreign Exchange.

Include Link Totals:

  • Select "Yes". This will give you both the sub-ledger and GL values. 

Select all Vendors.

Click on the Print icon to print the report.

 

 

 

Aged Trial Balance

Select "Aged Trial Balance"

Recommended selections are:

Sort by Number.

Select "Summarized" first to pre-balance, and then 'Detailed'.

Select the option to Age by "Period". 

Run the Canadian and US Account separately (recommended).

Change the 'Current' Period to be the period in which you are balancing.  The columns #1, #2 and #3 will default automatically to the next period down (aging backwards). Leave the 'Past' field blank for this reporting option.  

Select "No" to Include Zeros. Note: Run this report with "Include Zeros" every once in a while (especially at year-end) to confirm that the Vendor accounts are clean and all offsets have been made.

Click on the Print icon to proceed.

 

 

 

 

Ledger Listing Reports: Adjustments and Write-Off Adjustment

Select "Ledger Listing".

 

Adjustment Report:

Note: It is very possible that the adjustment and write-off adjustment report for that month will be blank.

Run your reports to screen, i.e. print preview, prior to printing to confirm if blank or there is a value which you will need to use to balance.
Select "Adjustments".

Select the appropriate Posting Year-Period (period to period).

Keep the first reporting date open (blank) to the end of the month being balanced.

Select All Vendors.

Click on "Proceed" to print the report.

 

Write-Off Adjustments:

Select "Write-Off Adjustments".

Select the appropriate Posting Year-Period (period to period).

Click on "Proceed".

 

Ledger Reports: Purchase and Cash Disbursement Journals 

Select "Ledger Reports".

 

Purchase Journal

Select "Purchase Journal".

Select "No" for Audit Report.

Leave the Currency blank.

Account Type: Run Canadian and US separately. (Recommended)

Keep the first reporting date open (blank) to the end of the month being balanced.

Include Invoices on Hold.
 

Select the appropriate Posting Year-Period period range.

Select all vendors.

Select "Invoices" under Invoices/Adjustments.

Select "Yes" to include paid invoices.

 

 

 

 

Cash Disbursement Journal

Select "Cash Disbursement Journal".

Select "No" for Audit Report.

Print Link Details - Yes, this will give you both the sub-ledger and GL values.

Select "No" to Print Memos.

Select "No" to print Outstanding Checks.

  • Note: This option is to be used when performing bank reconciliations.

Include Voids - Optional.

Select the appropriate Posting Year-Period (period to period).

Keep the first reporting date open (blank) to the end of the month being balanced.

Account Type: Run Canadian and US separately (recommended).

Select by GL Acct:

  • Select 'NO' if you only have  one bank account for each Currency. 
  • Select 'Yes’, to select a GL account number from the browser. (Run this report for each bank account).

Detailed/Summarized – Summarized is recommended.

Select the print icon to print the report.

 

 

 

 

 

 

 

Ledger Module - Balancing and Linking

In the main VJSI menu, go to:

  • GL Link Procedure
  • GL Link Procedure

This procedure is for balancing purposes and then later for transferring totals onto the Ledger. 

Select "Yes".

Choose "Payables".

Current Year: Defaults to the current Fiscal Year.

Link Year - Period: Select the period that is being balanced.

Closing Date: Confirm the end of the month closing date.

If selecting Summarized/Detailed:

  • Summarized Report gives you a one line total (Use this option to balance).
  • Detailed Report gives you all transactions for that account number. (Use to reconcile and out of balance).
  • Proceed with Link is for the actual transfer into the General Ledger.

Select all the GL account numbers using the browser.

Select "No" for Exception Report.

Click on the Print icon to proceed.

 

 

 

 

Closing the Payables Module - Month-End

Setup

In the main VJSI menu, go to:

  • Utilities
  • Closing Procedure

Select "Month-End Closing" and the appropriate module to close.

The default Purging information is set to NO (No Data Purging) and the Payables Purging Dates will be yellow (not accessible). 

On the bottom right-hand side, the user will be able to see the New Period (not the period being closed).

Click on "Proceed".

Repeat the process for Invoicing, and Receivables. If any of these modules have already been closed for the year, they need not be closed again.

NOTE: The Wages (payroll) module is closed ONLY at year -end and is NOT closed monthly. 

Repeat the process for the other data to close.

 

 

Possible Warning Messages: 

It is important that all users are out of the module that the user is trying to close.

If there is a user in the VJSI system, the following message will appear:

Click on "Yes" to continue.

Note: By default, the purging dates will be yellow and inaccessible.


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