Accounting Department Tasks and Routine Reports

Process Definition:

Although each company and industry is different, we have compiled some best practices for the accounting department. These best practices are guidelines for the frequency these tasks and reports should be completed. The general Deacom menu path is listed after each task, please refer to your detailed SOP on the topic for specific steps.

Tasks:

Accounts Receivable

  • Daily:
    • Invoice Sales orders - Print Outs>Invoices
    • Apply Cash receipts – Accounting>Cash Receipts
    • Reconcile cash receipts process to cash receipts by payment report – Accounting>Accounting Reporting
  • Weekly:
    • Run AR Reconciliation report and research/correct any differences - Accounting>Accounting Reporting
  • Monthly
    • Run AR Reconciliation report and research/correct any differences - Accounting>Accounting Reporting

Note: The AR Reconciliation should be run a minimum of once a month, running weekly is the best practice. Some customers run daily after processing cash receipts and invoicing is completed.

Accounts Payables

  • Daily:
    • Enter Invoices – Purchasing>Invoice
    • Enter Expense PO’s – Purchasing>Order Entry
    • Run AP Reconciliation report and research/correct any differences - Accounting>Accounting Reporting
  • Weekly:
    • Pay Vendors – Accounting>Check Run
    • Reconcile cash payments to cash disbursement summary report - Accounting>Accounting Reporting
    • Run AP Reconciliation report and research/correct any differences- Accounting>Accounting Reporting
    • Note: Paying vendors can be done as frequently as needed, performing a check run each week is the best practice.
  • Monthly:
    • Run AP Reconciliation report and research/correct any differences- Accounting>Accounting Reporting
    • Note: The AP Reconciliation should be run a minimum of once a month, running weekly is the best practice. Some customers run daily after processing cash disbursements and invoicing.
  • Yearly:
    • Prepare 1099’s- Accounting>1099 Forms

Cost Accountant

  • Daily:
    • Review Purchase Cost Variance reports - Purchasing>Order Reporting
    • Recommended to run for PO’s that are due to come in so errors could be corrected ahead of time.
  • Weekly:
    • Run Inventory Reconciliation report and research/correct any differences - Accounting>Accounting Reporting
    • Review Purchase Cost Variance reports- Inventory>Item Master
  • Monthly
    • Run Inventory Reconciliation report and research/correct any differences- Accounting>Accounting Reporting
    • Review Routing Costs for labor and burden – Inventory>Item Master
    • Review Purchase Cost Variance reports - Purchasing>Order Reporting
  • Yearly
    • Update Standards – Inventory> Cost Update
    • Update Lot Costs, if desired – Inventory>Cost Update

Note: The Inventory Reconciliation and Purchase Cost Variance reports should be run a minimum of once a month, running weekly is the best practice. Updating standards can be done more than once a year if needed.

Controller

  • Daily:
    • Review orders on credit hold – Sales>Order Reporting
    • Close/Review jobs - Production>Job Reporting
    • Review cycle count adjustments, providing you are doing cycle counts – Accounting>Accounting Reporting
  • Weekly:
    • Review commission reports -Sales>Commissions
    • Review Receivables reports to see which customer are paying late/short - Accounting>Accounting Reporting
    • Payroll entries -Accounting>Journal Entries
  • Monthly:
    • Change posting dates in Accounting>Options
    • Review Commission reports and process commissions- Sales>Commissions
    • Review receivables report to see which customers are paying late/short - Accounting>Accounting Reporting
    • Review payables report to see which vendors are paying late/short- Accounting>Accounting Reporting
    • Bank reconciliation- Accounting> Bank Reconciliation
    • Depreciation entries -Production>Maintenance>Work Centers
    • Prepare Financial Statements- Accounting>Financial Statements
    • Review expenses by department – Accounting>Accounting Reporting
    • Capital Expenditures/Project review- Accounting>Accounting Reporting
  • Yearly:
    • Review 1099’s – Accounting>1099 Forms
    • Year end closing entries – Accounting>Journal Entries
    • Physical Inventory if your company does them – Inventory>Physical Inventory
  • As Needed:
    • Create new accounts – Accounting>Maintenance>Chart of Accounts
    • Check balance across sub accounts on any new AP, AR and Facility elimination accounts
    • Update financial statements with any new accounts - Accounting>Maintenance>Financial Statement Layout

CFO

  • Monthly:
    • Review Financial Statements – Accounting>Financial Statement
    • Review profit report by customer or item – Sales Order>Reporting
    • Review sales trend reports – Sales Order> Reporting
    • Review purchasing trend reports – Purchasing>Order Reporting
    • Review expenses by department – Accounting>Accounting Reporting
  • Yearly:
    • Budgets – Accounting>Budgets