Month-end procedures [in-depth guide] – Workamajig

Guide contents: Month-end process | Year-end process | Resources

Workamajig provides a way for you to perform a soft close of your financial records. It is recommended that you do this each month to help eliminate future issues with the posting of transactions and allow you to easily find errors in your financial records & reports.

Month-end process

The month-end process should be run primarily from the Today accounting page.

NOTE: Make sure all reports are being run for the same time frame (as of date) to ensure accuracy.

1. Review unapproved transactions

Go to Today accounting > Items needing attention > Unapproved transactions:

Workamajig will not allow unapproved transactions to be posted. Use the Unapproved transactions tool to determine if any outstanding transactions need to be approved & posted before closing the month. The Starting date and End date options can be used to filter out any transactions that do not apply.
After all applicable outstanding transactions have been approved, they can now be posted.

2. Post all transactions

Navigate to Today accounting > Items needing attention > Unposted transactions.
Transactions on this page are grouped by type ('client invoice', 'payment', 'receipt', etc.) and can be reviewed & posted individually or in bulk using the checkbox associated with each transaction. The Starting date and End date options can be used to filter out any transactions that do not apply.
If you wish to review the posting detail before posting these transactions, use the print option from this page. You will see the ability to print a PDF of the posting detail by 'GL account' or 'transaction'.
Select all transactions and post.

3. Post WIP and run the WIP analysis report

NOTE: You may skip this step if you are not posting WIP to the GL.

Go to Today accounting > Items needing attention > Post work-in-progress.

Refer to the Posting work-in-progress (WIP) [in-depth guide] for more info on this step.

Go to Today accounting > Financial reports > WIP analysis.

This should match the balance sheet: Work-in-progress asset accounts for the same date.

NOTE: For the following steps, it is helpful to generate these reports into a PDF as you will be referencing them against other reports in the system. As seen below, click generate to populate the output options and hold control (or command on a Mac) while clicking PDF. This will open the report in a new tab, allowing you to refer back to it when necessary without having to generate these reports multiple times.

4. Run the balance sheet report

From the Today accounting page, use the scroll bar on the left-hand side of the page to scroll down to 'financial reports' and select 'balance sheet'.

5. Run the corporate profit & loss report

From the Today accounting page, use the scroll bar on the left-hand side of the page to scroll down to 'financial reports' and select 'corporate profit & loss'.

6. Run the AP aging report

From the Today accounting page, go to Items needing attention > AP balanced. This will open the AP aging report.

The AP aging report should match the Balance sheet's > Current liabilities > Accounts payable line for the same date.

NOTE: If under the Items needing attention section, the AP balance shows the current date, then the account is balanced. It is unnecessary to run the AP aging report and compare it to the balance sheet accounts payable account.

7. Run the AR aging report

From the Today accounting page, go to Items needing attention > AR balanced. This will open the AR aging report.

The AR aging report should match the Balance sheet's > Current asset > Accounts receivable line for the same date.

NOTE: If under the Items needing attention section, the AR balance shows the current date, then the account is balanced. It is unnecessary to run the AR aging report and compare it to the balance sheet accounts receivable account.

NOTE: For advance billings, run the AR aging report with the Report source of Unapplied advanced billings. This total should match the Balance sheet's > Current liability accounts > Advance bill accrual line for the same date.

8. Run the accrued order detail report

You may skip this step if you are not billing orders to your clients.

Go to Everyone > Report center > AP reports > Accrued order detail.

The accrued order detail report should match the Balance sheets> Current liability accounts > Media prebill accrual line for the same date.

9. Create & finalize the month's account reconciliation (Bank Rec)

Go to Today accounting > Account reconciliations.

Refer to the Account reconciliations [video] for more info on this step. The 'book balance' should match your Balance sheet: Bank account balance

10. Set the closing date

When all reports have been deemed correct, you will now set the closing date to prevent any posting of transactions to a date before the set closing date. This will also prevent transactions from being unposted. The closing date should be set to the first day of the next month. Ex. to close June, set the date to 07/01/YYYY.

Go to Main menu > Admin/manager > System setup > GL settings > GL tracking options. From here, you can select a GL closing date.

NOTE: For any corrections, done via a journal entry to a closed period, simply set the date back one day and post to that final day of the month. This will allow you to easily find any corrective transactions in a prior period.

*This completes the month-end procedure*

Year-end process

There is nothing extra you need to do. As of the first day of the fiscal year (set in GL tracking options), the system automatically calculates the difference between the sales accounts & expense accounts, zeros the accounts, and places the difference in the retained earnings account for you. If you make a change in the prior fiscal year, these changes will automatically be calculated into the new figures.