Month-end Reports and Reconciliation

 Hi There,

I am wondering what month-end reports I should be printing each month?  I know you can print a ton of reports, or the bare minimum, but which ones do most companies generally print each month?

I also currently always do all my reconciliations for bank accounts and credit card statements manually -- it just seems easier to look print a transaction report and compare it on paper to my statements.  Especially with all the problems people seem to have using the reconciliation feature if their statements don't work out perfectly, it seems to be hard to make adjustments or balance it at times.  Are there any big benefits that I should really consider starting to use the reconciliation feature in Simply?

Thanks!

  •  Month end reports -- as mentioned, many reports are management driven. For bookkeeping purposes, I print out the Trial Balance, Bank Rec, A/R List, A/P List at a minimum. Management may want more, or you may, especially payroll depending on the volume there.

    Bank recs -- as per my statement above, I use and recommend the Simply reconciliation feature. The biggest issues I see people having with it are: 1. after a month is reconciled, they go back and change an entry from that month. That's a no-no. 2. the reconciilation is processed with an unresolved and/or discrepancy amount showing. Another no-no.  Other than that, I love it. Many of my clients that didn't use it before for whatever reason, now are horn-tooters about it. The remainder just do it because it has to be done somehow anyway.

  •  What do you do if you have processed a reconciliation, and then you do need to go back and adjust an entry from that month?  And which reconciliation reports do you print off since there seem to be a wide variety. 

    When I manually reconcile I just highlite anything outstanding, write :stmnt bal $  + o/s trans $ = comp bal $    It seems so simple but maybe thats because there aren't usually that many outstanding transactions!  I guess using Simply's feature allows the o/s ones to be tracked right there.

  •  Once the bank is reconciled why would you need to go back and change something? The point of reconciling is to make sure it is correct. However, to go with the rare scenario where this happens... you make an appropriate reversing entry dated in the next month and then a correct entry as well. So the difference in the correction will now appear in the following month. Once your bank balance is done, it's done. Can you imagine if the banking institutions would send you a statement, then go back and change something? Ai-yah..

    I print out the "summary with outstanding transactions" report. Some people I know print out the detail one, but that's TMI for me.

  •  I guess it wouldn't be changing the amounts of any transaction, but just adjusting it in order to change the coding on it or something.  But the overall amount of it would remain the same.  Would I be able to adjust stuff like that without having to reverse entries and completely re-input them, or would that be a problem??