How do you know if you have accurate financials in QFloors? We have a set of procedures you should be familiar with in order to make sure your financials are accurate. Are you familiar with our End of Period Procedures? We call them “End of Period Procedures”, and not “End of Year Procedures”, because you can do them more often than just once a year.
The full instructions for End of Period Procedures are very detailed and tell you what to do if you have a problem. There is a similar document, called End of Period Short Procedures , which covers the same procedures, but it is less detailed. (To access both links, you must be signed into the QFloors support site.) If you run into a problem with the short version, it points you back to the full End of Period Procedures document.
We recommend going through our full End of Period procedures if you have never done them before, or if you only do them once a year. If you are pretty comfortable with our End of Period Procedures, and you do them more often than just once a year, you can use our End of Period Short Procedures.
Be sure to read through the procedures before doing them. There are two that you need to make sure you do before the end of the year: Inventory Reconciliation and Contract Labor Payable Reconciliation (if applicable).
The first step to all of the procedures is to make sure you are caught up on Job Costing. The best way to do this is to sort your screen in the Sales screen> Inprocess All > All Dates and all Locations if you have more than one. I like to sort that list by the date to bring the oldest to the top. This should be a list of all of your sales that are truly still in process. If you see anything old or that should not be there it may need to be Job Costed or cleaned up. Make sure you look at your Proposals list with All Dates to make sure there are no proposals with payments. If a customer paid for something it should probably be changed to an Order. Double check your Receivables list with All Dates as well and make sure this is a list of customers that still owe you money. Clean up these lists as necessary and call with questions.
When looking at your Materials screen, there is some cleanup that needs to be done before you can complete the Inventory Reconciliation Procedure. Look at each list in the Materials screen. POs should be a list of things that need to be ordered; they haven't been ordered yet. On Order should be a list of things that are actually on order. When a truck comes in, you should go straight to your On Order list to receive into Stock. No Bill list should be a list of materials that we are just waiting for a bill. If we just placed an order and have not received the bill yet that's okay. If there is something old in there, it needs to be cleaned up. Then clean up the Stock list to make sure it reconciles with your physical count. Inventory Reconciliation can be a large task and can take some time. We do have instructions on our website for No Bill Cleanup and Inventory Balancing to help you see why there may need to be some adjustments. Be sure to call us with questions if you are not sure how to clean something up or if you just want to make sure you are doing it correctly.
The Bills screen Current Bills list should be a list of bills that are still due. Sort by Current Bills>All Dates and bring the oldest to the top. You may find that there are some old bills that need to be cleaned up, zero bills, or even blank bills. As always, call for guidance if you are not sure what you are looking for or how to clean it up. This is an area where we want to be mindful of the accounting.
As you work through each of these steps, there are tools to run. Our End of Period Procedures explains how to run the tools and what dates to use in these procedures. Running the tools does not change or finalize anything in the accounting. They are simply helpful tools to help you make sure everything is running smoothly in your software. These tools will point out a problem if there is one. Follow the detailed instructions for the tool to help find and fix the problem. Sometimes it's a simple refresh, and sometimes you need to get us connected.
Last but not least, Close the Period. Do not be afraid to close the period! It does not change anything in the accounting, or make it so you can't see it. Closing the Period simply protects things from accidentally changing. If you need to change something, you still can. You should close the period as soon as you are ready to print the financials for your accountant. That way nothing will accidentally change from when you print your reports and when your accountant gives you any adjusting entries. You can open it back up if you need to.
These are my End of Period Procedures in a nutshell, just to help you get started. This is not meant to replace the full End of Period Procedures document. Be sure to read the full Procedures and call with questions. Do not get overwhelmed by the lengthy document but call for help so we can break it down into smaller tasks and give you “homework”. I recommend running through these procedures more often than just once a year, by running the tools as part of your monthly procedures.
