Month End
Overview
In Workbench, at the end of each month/period, numerous documents generated and associated throughout the month, such as Purchase Orders, Plant issues, etc., need to be approved, batched, and exported to integrated financial system. Delays or omissions can lead to discrepancies and inaccuracies, not only within the Workbench but also between the Workbench and integrated accounting software like Xero, MYOB, and others.
Processing Methods
This process can be done either through:
The month end process should be run from module to module with the correct sequence:
Purchase Order
Timesheet
Plant
Stock
Accounts Payable Invoices.
Subcontract Claims
Accounts Receivable Invoices
Contract Claims
Adjustments
Inter-company
Forecast
Work in Progress
In general, for each module, actions may include:
Locking modules to prevent further input or modifications.
Completing requirements such as approvals, batching, and accruals.
Exporting data to financial software.
Closing module.
Forward to the next module until all are completed and exported.
Modules/documents may be batched and exported as needed throughout the month, depending on organisation’s accounting practices and financial software, not just only during the Month End process.
For manual process, this file can be used as the guideline.
Tools & Utilities
There are tools/screens and utilities that can be used during the month end process or as needed. Read more
Questions & Answers