DBLC: Navigating month-end procedures in Quantum

Overview:

Rick and Helen from the Demand Bridge Learning Center hosted a webinar on navigating month-end procedures in Quantum. Key points included the importance of running inventory valuation reports to update the general ledger, saving reports for future reference, and maintaining a month-end folder for organized documentation. Helen emphasized the necessity of period-end processing to ensure accurate financial reporting, including running aged invoice and check register reports. She also highlighted the need for adjusting journal entries if inventory values differ from the valuation report. The session concluded with a Q&A segment.


Outline

Introduction and Overview of the Webinar

  • Speaker 1 introduces the webinar, hosted by the Demand Bridge Learning Center, and mentions the presenter, Helen Soley.
  • The webinar is part of a series focused on navigating Quantum, specifically month-end processing and balancing.
  • Participants are informed that the webinar will be recorded and they will remain muted throughout.
  • Instructions are given for submitting questions via the Q&A feature at the end of the presentation.

Importance of Month-End Procedures

  • Speaker 2, Helen, explains the necessity of month-end procedures for inventory, accounts payable, and accounts receivable.
  • Month-end procedures ensure transactions are correctly categorized for usage reports and financial reports.
  • Helen offers to send a more updated checklist for month-end processes, emphasizing the importance of running specific reports.
  • The inventory valuation cost report is highlighted as crucial for updating the general ledger with the total value of distributor-owned inventory.

Saving and Organizing Reports

  • Helen advises saving inventory reports to track changes over time, as reports can only be run as of the current date.
  • She suggests creating a folder structure to organize monthly reports for easy access.
  • The importance of running an inventory checklist to verify inventory values is discussed.
  • Helen recommends keeping a copy of the inventory valuation report and the inventory checklist on the last business day of the month.

Period-End Processing and Inventory Management

  • Helen explains the process of period-end processing, including running reports to ensure all transactions are captured.
  • The active order report and PO release expense report are suggested for verifying uninvoiced orders.
  • Invoice posting and double-checking the period being posted to are emphasized to avoid errors.
  • Helen discusses the importance of running commission and royalty reports and the implications for accounts payable.

Accounts Payable and Receivable Processing

  • Helen outlines the steps for processing accounts payable, including running the aged invoice report and check register.
  • The aged invoice report is crucial for verifying the total amount owed and ensuring it matches the trial balance.
  • The pre-post report is used to verify transactions are posting to the correct period and to make any necessary corrections.
  • Helen explains the process of posting accounts payable to the general ledger and the importance of saving a copy of the pre-post report.

Adjusting Journal Entries and Trial Balance

  • Helen discusses the need for adjusting journal entries to balance inventory values, using the inventory valuation report.
  • The process of creating and posting a journal entry to adjust inventory balances is explained.
  • The trial balance is reviewed to ensure accounts receivable, accounts payable, and inventory balances match the aged reports.
  • Helen emphasizes the importance of reprinting the trial balance after making adjustments to verify the new totals.

Financial Reporting and Closing the Month

  • Helen explains the process of closing the month, including running the balance sheet and income statement.
  • The balance sheet is reviewed to ensure total assets and total liabilities plus equity balance.
  • The income statement is checked to ensure the year-to-date income matches the balance sheet.
  • Helen concludes the presentation by opening the floor for questions and thanking the participants.
Did this answer your question? Thanks for the feedback There was a problem submitting your feedback. Please try again later.