Finance Month End Checklist

Subsidiary Ledgers

1

TASS.web Finance >

• Accounts Payable

• Parent Accounts

• Commercial Debtors (if applicable)

• School Shops (if applicable)

• Fixed Assets

Complete all transaction entries in these modules for the month.

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2

TASS.web Finance > Parent Accounts > Receipting > Bank Deposit Report

TASS.web Finance > Commercial Debtors > Customer Transactions > Bank Deposit Report

TASS.web Finance > School Shop > Shop Transactions > Bank Deposit Report

Run the Bank Deposit Report for Parent Accounts, Commercial Debtors (if applicable), and School Shops (if applicable)

For Parent Accounts, don’t forget to run the Automated Receipt Apply and Automated Credit Apply programs before generating the report.

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3

TASS.web Finance > Accounts Payable > Period End > Post Period Activity.

Complete postings for the month after usual checking.

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4

TASS.web Finance > Accounts Payable > Listings & Reports > AP Snapshot Report.

Run AP Snapshot for the month. 

Note the total of this report. This will be used in a subsequent Step for reconciliation against the General Ledger control account Creditors.

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5

TASS.web Finance > Parent Accounts > Period End > Post Period Activity.

Complete postings for the month after usual checking.

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6

TASS.web Finance > Parent Accounts > Listings & Reports > Ledger Trial Balance.

Run the Ledger Trial Balance with an 'Ageing Date' set to the last day of the month. 

Note the total of this report. This will be used in a subsequent Step for reconciliation against the General Ledger control account Debtors – Parent Accounts.

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7

TASS.web Finance > Commercial Debtors > Period End > Post Period Activity.

Complete postings for the month after usual checking.

This step is only necessary if your school uses the Commercial Debtors module.

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8

TASS.web Finance > Commercial Debtors > Listings & Reports > Debtors Trial Balance.

Run the Debtors Trial Balance, selecting the 'Year/Period' option for the desired month. 

Note the total of this report. This will be used in a subsequent step for reconciliation against the General Ledger control account Debtors - Commercial.

This step is only necessary if your school uses the Commercial Debtors module.

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9

TASS.web Finance > School Shop > Period End > Post Period Activity.

Complete postings for the month after usual checking.

This step is only necessary if your school uses the School Shop module. 

If your school runs multiple school shops, you will need to:

• Log into every shop (that has General Ledger integration) using TASS.web Finance > School Shop > Setup Information > User/Shop Access.

• Run TASS.web Finance > School Shop > Period End > Post Period Activity for each shop.

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10

TASS.web Finance > School Shop > Listings & Reports > Shop Trial Balance.

Run the Shop Trial Balance, selecting the 'Year/Period' option for the desired month. If your school runs multiple school shops, run this for each shop.

Note the total of this report. This will be used in a subsequent Step for reconciliation against the General Ledger control account Debtors – Shop [Name].

This step is only necessary if your school uses the Commercial Debtors module.

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11

TASS.web Finance > Fixed Assets > Asset Transactions > Depreciation Calculation.

After all new assets have been added for the month and any adjustments have been processed, run the depreciation calculation.

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12

TASS.web Finance > Fixed Assets > Asset Transactions > Post Batches.

Post the asset transactions for the month.

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13

TASS.web Finance > Fixed Assets > Listings & Reports > Asset Register.

Run the Asset Register Report for the month.  Choose the 'GL Category / GL Location' option on the 'Print' tab.

Note the total of this report. This will be used in a subsequent Step for reconciliation against the General Ledger asset accounts on the Balance Sheet.

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14

TASS.web Payroll HRM > Payroll > Pay Run Processing > GL Posting

Post Payroll Journals, if applicable

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General Ledger

15

TASS.web Finance > General Ledger > Setup Information > Years and Periods.

Close the period for all modules except the General Ledger.

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16

TASS.web Finance > General Ledger.

Complete all Journals for the month.

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17

TASS.web Finance > General Ledger > Cash Book > Bank Reconciliation and Reconciliation Report.

Complete your Bank Reconciliations for the month.

Run the Reconciliation Report and check that the 'Cash Book Summary' and 'General Ledger Summary' on the report are in balance.

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18

TASS.web Finance > General Ledger > Account & Journal Info > Post Journals.

Complete postings for the month.

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19

TASS.web Finance > General Ledger > Listings & Reports > Income Statement.

Run the report and check.

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20

TASS.web Finance > General Ledger > Listings & Reports > Balance Sheet.

Run the report and check.

In particular, check:

• General Ledger control account Creditors against the total of AP Snapshot (Step 4).

• General Ledger control account Debtors – Parent Accounts against the total of Parent Accounts trial balance (Step 6).

• General Ledger control account Debtors – Commercial against the total of Commercial Debtors trial balance (Step 8).

• General Ledger control account Debtors – Shop [Name] against the total of the Shop [Name] trial balance (Step 10).

• Asset accounts against the category/location totals on the Asset Register Report (Step 13).

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Fees in Advance

(if applicable to your school)

21

TASS.web Student Admin > Enrolments > Listings & Reports > Enrolment Receipts Listing.

Run this report for 'Receipt Type' = 'Advance'.

Check that the total for this report equals the balance of your Fees in Advance (Liability) account on the Balance Sheet (produced in Step 20).

Your Fees in Advance (Liability) should always be the same general account as is set up in TASS.web Student Admin > Enrolments > Setup Information > Enrolment Setup on the 'Enrolments' tab.

Troubleshooting

If the two don't balance (and assuming that they were in balance at the end of the previous completed month), several errors in the processing of enrolment receipts may have occurred during the month:

1. The wrong 'Receipt Type' was entered.
   Run TASS.web Student Admin > Enrolments > Listings & Reports > Enrolment Receipts Listing for all 'Receipt Types' for the month and look for enrolment receipts that were entered with an incorrect 'Type' during the month, e.g. entered as a 'D = Deposit' instead of 'A = Fees in Advance'.
   For each incorrect receipt, note the parent account number and use TASS.web Student Admin > Enrolments > Enrolment Information > Enrolments. Access the Parent Record, go to the 'Receipt Details' tab, edit the receipt and change the 'Receipt Type' to 'A = Fees in Advance'.
   Rerun the Enrolment Receipt Listing and recheck until balanced.

2. The Enrolment Receipt was incorrectly entered as a sundry receipt using the Fees in Advance (Liability) account as the GL Distribution.
   Use TASS.web Finance > Parent Accounts > Receipting > Receipts and search for 'General Sundry Receipts' and 'GL Distribution' = your Fees in Advance (Liability) account.
   For each receipt that is incorrect, note the parent account number and receipt number. Use TASS.web Student Admin > Enrolments > Enrolment Information > Enrolments. Access the Parent Record and navigate to the 'Receipt Details' tab. Add an enrolment receipt with a 'Receipt Type' of 'A = Fees in Advance'.  Enter the receipt number from the sundry receipt.
   Rerun the Enrolment Receipt Listing and recheck until balanced.

3. The Enrolment Receipt was entered using 'Receipt Type' of 'A = Fees in Advance', but the General Ledger distribution was to the wrong account.

   1. Run TASS.web Student Admin > Enrolments > Listings & Reports > Enrolment Receipts Listing for 'Receipt Type' of 'A = Fees in Advance'.

   2. Use TASS.web Finance > Parent Accounts > Receipting > Receipts and search for 'Enrolment Receipts' and 'GL Distribution' = your Fees in Advance (Liability) account.
      Receipts that appear on (a) but don't appear on (b) need to be investigated. Use TASS.web Finance > Parent Accounts > Receipting > Receipts and note the incorrect General Ledger account number used.
      Raise General Ledger journals to move these amounts from the incorrect General Ledger account into your Fees in Advance (Liability) account.

4. There are transactions posted to the Fees in Advance (Liability) account from other modules (e.g. Accounts Payable or General Ledger).
   Use TASS.web Finance > General Ledger > Listings > Ledger Detail Report. Enter the 'Year', 'Period' and the 'Account Code' for your Fees in Advance (Liability) account.
   Examine transactions that have a 'Journal Code' that originated from AP, GL or the Cashbook.

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Student/Family Deposits

(if applicable to your school)

22

TASS.web Finance > Parent Accounts > Student Deposit Refunds > Student Deposit Report.

Run this report for all students.

Check that the total for this report equals the balance of your Deposits Student/Family (Liability) account on the Balance Sheet created in Step 20.

Troubleshooting

If the two don't balance (and assuming that they were in balance at the end of the previous completed month), several errors in the processing of enrolment receipts may have occurred during the month:

1. The wrong 'Receipt Type' was entered.
   Run TASS.web Student Admin > Enrolments > Listings & Reports > Enrolment Receipts Listing for all 'Receipt Types' for the month and look for enrolment receipts that were entered with an incorrect 'Type' during the month, e.g. entered as 'A = Fees in Advance' instead of 'D = Deposit'.
   For each receipt that is incorrect, note the parent account number and use TASS.web Student Admin > Enrolments > Enrolment Information > Enrolments. Access the Parent Record, go to the 'Receipt Details' tab, edit the receipt and change the 'Receipt Type' to 'D = Deposit'.
   Rerun the Student Deposit Report and recheck until balanced.

2. The Enrolment Receipt was incorrectly entered as a sundry receipt using the Deposits Student/Family (Liability) account as the GL Distribution.
   Use TASS.web Finance > Parent Accounts > Receipting > Receipts and search for 'General Sundry Receipts' and 'GL Distribution' = your Deposits Student/Family (Liability) account.
   For each receipt that is incorrect, note the parent account number and receipt number. Use TASS.web Student Admin > Enrolments > Enrolment Information > Enrolments. Access the Parent Record, go to the 'Receipt Details' tab, Add an enrolment receipt with a 'Receipt Type' of 'D = Deposit'.  Enter the receipt number from the sundry receipt.
   Rerun the Student Deposit Report and recheck until balanced.

3. The Enrolment Receipt was entered using 'Receipt Type' of 'D = Deposit', but the General Ledger distribution was to the wrong account.

   1. Run TASS.web Finance > Parent Accounts > Student Deposit Refunds > Student Deposit Report.

   2. Use TASS.web Finance > Parent Accounts > Receipting > Receipts and search for 'Enrolment Receipts' and 'GL Distribution' = your Deposits Student/Family (Liability) account.
      Receipts that appear on (a) but don't appear on (b) need to be investigated.  Use program Parent Accounts > Receipting > Receipts and note the incorrect General Ledger account number used.
      Raise General Ledger journals to move these amounts from the incorrect General Ledger account into your Deposits Student/Family (Liability) account.

4. There are transactions posted to the Deposits Student/Family (Liability) from other modules (e.g. Accounts Payable or General Ledger).
   Use TASS.web Finance > General Ledger > Listings > Ledger Detail Report. Enter the 'Year', 'Period' and 'Account Code' for your Deposits Student/Family (Liability) account.
   Examine transactions that have a 'Journal Code' that originated from AP, GL or the Cashbook.

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Superannuation

23

TASS.web Payroll HRM > Payroll > Listings & Reports > Super Remittance File.

Run this report for the month using the 'Super Funds Contribution Report' option.

Check that the total for this report equals the balance of your Superannuation Clearing (Liability) account on the Balance Sheet (produced in Step 20).

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24

TASS.web Finance > Parent Accounts > Listings & Reports

Run the following GST reports for the period or periods covered by the BAS:

1. TASS.web Finance > General Ledger > Listings & Reports > GST on Cash Book Report. Run both 'Expenditure' and 'Revenue' Reports.

2. TASS.web Finance > General Ledger > Listings & Reports > GST on Tax Journals Report. Run both 'Expenditure' and 'Revenue' Reports.

3. TASS.web Finance > Accounts Payable > Listings & Reports > GST on Expenditure Report.

4. TASS.web Finance > Parent Accounts > Listings & Reports > GST on Revenue Report.

5. TASS.web Finance > Commercial Debtors > Listings & Reports > GST on Revenue Report.

6. TASS.web Finance > School Shop > Listings & Reports > GST on Revenue Report. 
   If your school runs multiple school shops run this for each shop.
   These reports include a summary by Tax Code.
   Reconcile the tax total from each of the reports with the balance in the applicable General Ledger GST Control account. Use the Balance Sheet, created in Step 20.

7. Retrieve the Payroll MTD & YTD Summary Report that was generated and saved in the last pay run for the month (TASS.web Payroll HRM > Payroll > Pay Run Processing > Pay Run Reports).
   Reconcile the tax total against the General Ledger PAYG tax clearing account. Use the Balance Sheet, created in Step 20.
   Reconcile the wages against the General Ledger accounts. Use the Income Statement created in Step 19.

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25

TASS.web Finance > General Ledger > BAS Processing > BAS Preparation.

Click the 'Add' button to generate the BAS Period Details Report.

Click the 'GO' button to access the generated BAS.

Use 'View', then print the generated BAS.

Check the totals against the reports generated in Step 24.

The BAS Period Details Report mappings are defined in TASS.web Finance > General Ledger > BAS Processing > BAS Parameters. Check these mappings first if the report totals do not match the BAS Period Details Report.

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Finalise and Close Month

26

TASS.web Finance > General Ledger > Account & Journal Info > Journal.

Create, check and post your BAS Journal.

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27

TASS.web Finance > General Ledger > Listings & Reports > Income Statement.

Run the final report and check.

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28

TASS.web Finance > General Ledger > Listings & Reports > Balance Sheet.

Run the final report and check.

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29

TASS.web Finance > General Ledger > Listings & Reports > Cash Flow Statement.

If required, run the final report and check.

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30

TASS.web Finance > General Ledger > Setup Information > Years and Periods.

Close the period for the General Ledger.

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