AP/PO Month End Checklist

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Purchase Order

1. Complete all month end receiving and invoicing. Close all PO line items that won’t be fulfilled.

   

2. Post all transactions in Purchase Order. Verify that all posting complete by using the Receipts and Invoices Report.

   

   

3. Run the Accrual Verification report and reconcile your AP accrual account. Note: this report should be exported and saved as it can’t be recreated at a later date.

   

4. Clear sent emails and archived documents from PO using regular monthly schedule

   

   

   Note: You can also EXPORT documents to a zip folder before purging documents.

5. Close PO in SM – Period Conversions

   

6. Warn users that they can NO LONGER change received costs for closed period.

   

   

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Accounts Payable

1. Enter all AP transactions and post transactions. Prepare all AP checks and post transactions.

   

   

2. Verify all posting is complete using a preview on the purchases journal, debits journal, and payment register.
3. Review foreign exchange gain and loses and post unrealized gains and losses to the GL

   

4. Review 1099 vendor invoices – mark new 1099 invoices for 1099 processing as needed

   

5. OPTIONAL: Run AP Periodic Processing to delete temporary vendors (and history). Note: we don’t advise deleting paid invoices as this will impact your ability to accurately run a historical Aged Trial Balance report.

   

6. Reconcile AP account(s) as well as PO deposit account(s)

   AP Account

   

   

   PO Deposit

   

   

7. Purge AP sent emails

   

8. Purge AP archived documents

   

   Note: You can export documents prior to purge

9. Close AP in SM – Period Conversions

   

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