Suppliers End Of Month Procedure

1. Download the Bank Statement as at the end of the month in question 
2. Ensure all Suppliers Payments that are presented on the Bank Statement have actually been entered into Readysell. 
3. Normally supplier payments are electronically lodged, however you may have manually lodged a supplier payment and overlooked entering it into readysell. Supplier Payments
4. Ensure that all direct payments are dated the date that they appear on the Bank Statement.
5. Allocate the payments accordingly.  
6. 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. 
7. 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.
8. 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.
9. 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.
10. The Total Balance on the Supplier Trial Balance must equal the General Ledger total for Trade Creditors for that Period.
11. 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.

If there is a discrepancy find the variance and fix it if possible.

If you need help kindly give Readysell a call.

Supplier Trial Balance Summary

1. Select Form Reports

2. Search and find Supplier Trial Balance Summary

    Show me

   

3. Click on 'Suppliers Trial Balance Paramaters' and Then click on 'show Report Using Parameters'
   
4. Enter the End Date for the Month you are closing
5. Leave start and end supplier fields blank
6. Click On OK to run the Report

Closing the Financial Period

1. Log onto readysell
2. Select Administration
3. Select Periods
   
4. Now that both customers and suppliers are done for that one period you need to close the period to eliminate back dating.
5. Search for period in question
6. Turn check box on for 'Closed'
7. Click on Save
8. If you are prompted with an error, read it and see what data needs finalising then come back and close the period
9. Log out of readysell and back in.