Rules
- If the last reconciliation of the month was not the last day of the month, a blank reconciliation must be completed for both ledgers before you can do a month end process
- The month end process cannot be implemented if there are transactions not yet batched in the current month
- The month end process cannot be implemented if there are bills/invoices sitting in a draft/authorised state
- Month end reports – can be printed at any time after the bank reconciliations have been completed and all transactions batched for that month. Month end reports can be printed before or after the month-end process
The ledgers must be reconciled to the end of the month.
From the ‘accounts’ ribbon, click ‘Process’
Reports required for NZLS monthly certificate:
The last bank reconciliation trust and IBD – together with copy of the last bank statement
Trust bank reconciliation includes:
Bank Reconciliation & Cash Control Summary
Adjustments – details of any unpresented deposits and bank adjustment entries
Unpresented cheques/trust payments
Cash control summary – check totals balance to the trust transactions report – print this report for the month (i.e. 1/6/2014 to 30/06/2014). Select receipts and payments making sure you click on ‘Client Float & RWT Transactions’ option included “all”. This is located at the very bottom of this report selection screen. Scroll down to view.
Ledger Balance Report – shows client DR/CR balances and float, RWT balance
IBD Ledger Balance report- call and fixed IBD balances
Firm Trust Ledger Report (detailed list of transactions through float account)
Trust Transaction Report – all transactions for month – specifically a list of journals, receipts, payments and fees should be reviewed by the tap partner
Stale Balance Report (requirement is balances not moved for 12 months but you may like to run this for 6 months or 3 months)
Firms Float Enquiry for the month (summary)
Other reports to run:
Matter Balance Report (total of all clients)
Matter Balance Report (run by matter author and give a copy to each author to review their balances)
GST accruals report (GST collected and totals of fees and expense recoveries)
Aged WIP report
A/R aged trial balance (no movement since month end)
Other reports – there is a variety of other management reports available to assist with monitoring and managing your practice
General Ledger Export Report