- Current/Batch/History
- Invoices can be in one of three places - Current, Batch, or
History. As the Daily Close programs are run, the status of the
invoices move from Current to Batch to History as follows:
- Current invoices include invoices that have NOT yet been
accepted in Daily Close 1 - Invoice
Edit.
This encompasses both invoices just entered, and invoices that have
been printed on an Invoice Edit Report, but the Report was
not accepted.
-
Batch invoices include invoices that have been accepted on an
Invoice Edit Report, but have not yet been posted
successfully through the Daily Close 2:
Generate Posting.
-
History invoices have been posted with Daily Close 2: Generate Posting.
Daily Close 1, 2 & 3 Actions:
- The Daily Close programs can be used to help balance the day's
cash and post the invoices.
All invoices entered using Counter, Back Office, Order Entry or
Work Order menu programs will be posted using the same Daily Close
programs.
- Daily Close 1
- The initial posting program provides an Invoice Edit
list to balance the invoices, and a Bank Deposit Worksheet
to balance the cash.
It also can provide an cash-out reconciliation on-screen, that
automatically generates postings to the bank from the clearing
accounts.
The Cash Over/Short processing can be activated in the Company Daily Close Parameters.
Daily Close 2
- This portion of the posting operation runs error checking and
generates the posting records for Accounts Receivable and the
General Ledger, and also updates the history maintained on the
inventory.
Invoices to be posted can also be set to print from this program.
Note: The operator must be assign Divisional Restricted Views code 'ALL' to run
Daily Close 2.
Daily Close 3
- The final step prints out the Sales Journals and the
Rental Journal Transactions report to be posted, and when
accepted posts the transactions to the Accounts Receivable and the
General Ledger.
Note: Credit Invoices entered using the Credit
Invoicing options are posted through a separate Credit Daily Close 1: Edit Report and Credit Daily Close 2: Generate Postings.
Daily Close Process Flow:
- For optimal efficiency, the Daily Close #1 should be run when
staff changes shifts to balance the cash drawer per flow chart
1.
Then later on when the system is less busy, Daily Close #2 and #3
can be run to finish the posting per flow chart 2.
For smaller firms if a Bank deposit is only made once every
three days, run Daily Close 1, 2 & 3 once every three days to
coincide with your bank deposit.
Daily Close 1 Flow Chart:
Daily Close 2 and 3 Flow Chart:
Closing your Direct Deposit Machines:
- If your firm uses a direct deposit machine to automatically
deposit your Visa, MasterCard, Debit, American Express, etc. to
your bank, this machine must be closed off at the SAME time as
running Daily Close 1, in order for the
cash balances to coincide.
Closing at Night and Balancing Tomorrow:
- Some firms close their cash off each night, but don't balance
the cash until the middle of the next morning. To do this Daily Close 1 can be run at night but answer NO to
the prompt IS REPORT PRINTED OK, then the cash can be balanced the
next morning.
Because the invoices are still held in CURRENT, they can be
corrected before re-running the Daily Close #1 again. When
re-running the Daily Close #1 again (this must be done even if
there were no corrections), enter the SAME Daily Business Report
Number as was printed on the report from last night. Any invoices
made after running the Daily Close 1 last
night will go on the NEXT Daily Business Report, so that
yesterday's and today's work will be separated.
Printing the Day's On Account Invoices:
- Some firms don't print out an On Account invoice at the time it
is created, but instead prefer to print these invoices at the end
of the day. Usually these invoices must be mailed to the customer
anyway and it is very convenient to print them all together. With
this approach, staff does not waste time during the day waiting for
the printer or worry about filing when customers are waiting. Using
Print Invoices select only On Account
invoices.
If your firm prefers to fax out the day's invoices, use Fax Invoice Range to fax the invoices from Current
or Batch.
If Batch is selected - DAILY CLOSE 1 can be run at the end of the
day to balance your cash, then set the fax program to fax the
invoices from the Batch after hours - i.e. 10:00 PM when the
telephone charges are cheaper. Then the next morning complete the
rest of the Daily Close run, posting the invoices and moving them
to history.
Daily Close by Division:
- If your firm has divisions that must balance their cash
independently, separate Daily Business Reports can be generated by
division.
This can be achieved by setting the flag in the Company Daily Close Parameters to Post DBR By
Division.
When the Daily Business Report (DBR) from Daily Close 1 is run, a division must be selected.
When the DBR is run, each division will have its own Batch
number. This way, each division can make independent corrections if
necessary and then re-run the same Batch number when reprinting
their DBR. Once a batch is accepted, it is pooled with all other
Thus the head office or main division should be responsible for
running Daily Close 2 and also Daily Close 3.