End of month suggested duties

We recommend that the below duties be completed at end of month. 

Steps 1 - 5 can be done in different processes as every business is different, however steps 6 – 10 are unique dealership software processes and must be done to ensure you don’t end up with any significant accounting issues at end of year. 

Reconcile the following items/accounts:

1. Debtors
2. Creditors
3. Security deposits (pending and held to your pending sales report)
4. Vehicle stock
5. Floorplan in Eclipse to the floorplan portal
6. Parts to service clearing
7. Sublet clearing
8. Parts inventory ledger balance to the parts valuation report
9. Stock Inventory to your Balance Sheet
10. Technician Offset to Wages

Once the above have been done and relevant changes have been made, we recommend locking the dates by processing the end of month close off.

When everything is tidy process the GST (around the 18^th day of the month if you pay GST monthly) & PAYG. It is best to lock the dates after your end of month duties and BEFORE processing the BAS so that the BAS isn’t changing whilst being reviewed.