This article describes the Basics of how to Measure Your Accounting System.
If you are using an accrual accounting method, these items should be verified every month:
1. Print the General Ledger Trial Balance using the last day of the month.
2. Print the Report.Analysis, Financial Manager. Choose last day of the month, Key Balances.
3. Analyze the results:
The Accounts Receivable Amount found in the General Ledger Trial Balance:
Should equal to the Amount Due Total on the Aged Receivables Report; and
Should also equal to Financial Manager Amount for Accounts Receivables plus Other Receivables minus Allowance for Doubtful Accounts
The Accounts Payable Amount found in the General Ledger Trial Balance:
Should equal to Amount Due Total on the Aged Payable Report; and
Should equal to Financial Manager Amount for Accounts Payable
The Inventory Amount found in the General Ledger Trial Balance:
Should equal to the Amount Total on the Inventory Validation Report; and
Should equal to Financial Manager Amount for Inventory
Payroll Amounts for Salary and Wages Accounts in the General Ledger Trial Balance:
Should equal to the total YTD Gross on the Yearly Earnings Report
The Total Amount of the Cash Accounts in the General Ledger Trial Balance (If you are unsure what accounts are cash accounts, print out the chart of accounts)
Should equal to the Financial Manager Amount of Cash
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