Normally Suppliers is are left open for a few days into the next month.
That is because the physical goods have been received and you are waiting on the Invoice from the Supplier or the Invoice is not received until the next month however is dated the previous month.
If is up to your organisation as to how far into the next month you accept late invoices.
- Download the Bank Statement as at the end of the month in question
- Ensure all Suppliers Payments that are presented on the Bank Statement have actually been entered into Readysell and dated as per the bank statement.
- Normally supplier payments are electronically lodged, however you may have manually lodged a supplier payment and overlooked entering it into readysell. Supplier Payments
- Ensure that all direct the supplier payments are dated the date that they appear on the Bank Statement.Allocate the payments accordinglyallocated to the best of your ability.
- Enter all Misc Bank Payments that have no relevance to a supplier off the statement for that month. This doesnt necessarily have to be done before running supplier trial balance. Bank Payments Bank Transfers
Example Merchant Fees, interest paid, or non supplier expenses (wages,rent etc) that are on the bank statement.
Ensure you date these transactions the date as they appear on the bank statement. - Log onto Readysell and check that Purchase Receipts, Purchase Invoices, Bank Payments, Bank Transfers, Supplier Debits, Supplier Credits, Supplier Payments DO NOT HAVE A STATUS OF 'FAILED' OR 'POSTING'.
If there are any please call readysell before you continue with end of month. - Check the 'Status' on Purchase Receipts, Purchase Invoices for 'UnInvoiced or OPEN' for the month in question. Investigate why these have not been 'Finalised'/Invoiced'/Completed before you continue.
- If there are no transactions with a status of Failed or Posting or Open and you are ready to run a Supplier Trial Balance please follow steps below.
- The Total Balance on the Supplier Trial Balance must equal the General Ledger total for Trade Creditors for that Period.
- In order to balance back to the General Ledger you need to have already entered the Brought Forward Manual Jnl from your old system into readysell as a starting position.
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Supplier Trial Balance Summary
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Search and find Supplier Trial Balance Summary
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