Overview
Procurement End of Month is a supporting applet to the Purchasing module. Depending on the accounting controls your firm has in place, you may be required to reverse pre-bills at month-end. Typically this will be for firms who wish to exclude non-invoiced expenses from their Financial Statements. This can be done using the Procurement End of Month applet where you'll manage the reversal of PO Liability and Expense.
Based on a set of filters, described below, Procurement End of Month posts a General Journal entry that debits Expense and credits PO Liability Accounts used in pre-billed Purchase Journals (e.g. Purchase Journals marked Is Purchase Order) that fall within the specified filters.
Field Descriptions
| • | As of Date - As of Date used for determining which pre-billings to include. This is compared against the Purchase Journal Invoice Date. |
| • | GL Period - Accounting Period used for determining which pre-billings to include. This is compared against the GL Period attributed in the detail of the Purchase Journal. |
| • | Reverse Period - Account Period to which the reversing entry is posted |
| • | Vendors - Used to filter the posting criteria |
| o | All Vendors - Include Purchase Journals, marked Is Purchase Order, for all vendors |
| o | Subconsultant Vendors - Include Purchase Journals, marked Is Purchase Order, for all vendors linked to an Employee marked Subconsultant. |
| o | Selected Vendors - Includes only selected vendor(s) |
| ▪ | Add (button) - Adds the loaded vendor to the filter list below |
| • | Post (button) - Posts the filtered reversal to the General Journal. View the transaction by browsing to GA>General Journal and hitting F3 from the transaction lookup (upper-right). |
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