Month End Best Practices for Sage 300 Construction and Real Estate

Submitted by Kyle Zeigler, Sage Senior Certified Consultant

Nine steps for month-end 

Even in organizations that have used Sage 300 CRE for many years, often shortcuts are taken and procedures skipped during month-end processing.

Omitting what may seem to be non-critical steps can lead to huge headaches later on. To lower the risk of major issues with your software and inaccuracy in financial reporting, we recommend you perform the month-end tasks for each application in the following order (from left to right):

1. Accounts Payable

  • Post invoices and verify that all invoices are posted
  • Print checks
  • Record manual checks
  • Print month-end reports
  • Reconcile with General Ledger
  • Back up data files (using File Tools)

3. Billing

  • Create invoices
  • Post invoices and verify that all printed invoices are posted
  • Accounts Receivable
  • Post invoices
  • Print month-end reports
  • Reconcile with General Ledger
  • Make any necessary corrections
  • Back up data files (using File Tools)

5. Equipment Cost

  • Post entries and verify that all entries are posted
  • Print month-end reports
  • Reconcile with General Ledger
  • Make any necessary corrections
  • Back up data files (using File Tools)
  • Close month

7. Property Management

  • Post entries and verify that all entries are posted
  • Print month-end reports
  • Reconcile with General Ledger
  • Make necessary corrections
  • Back up data files (using File Tools)
  • Close current period

9. General Ledger

  • Post entries and verify that all entries are posted
  • Print month-end reports
  • Reconcile with Accounts Payable, Cash Management, Job Cost, Equipment Cost, and Payroll
  • Make any necessary corrections
  • Back up data files (using File Tools)
  • Reprint month-end reports if corrections were made
  • Close current period

2. Payroll

  • Post checks and verify that all printed checks are posted
  • Print month-end reports
  • Reconcile with General Ledger
  • Make any necessary corrections
  • Back up data files (using File Tools)
  • Close month

4. Contracts

  • Post entries and verify that all are posted
  • Print month-end reports
  • Back up data files (using File Tools)
  • Close month

6. Job Cost

  • Post entries and verify that all entries are posted
  • Print month-end reports
  • Reconcile with General Ledger
  • Make any necessary corrections
  • Back up data files (using File Tools)
  • Close month

8. Cash Management

  • Post entries and verify that all entries are posted
  • Reconcile to your bank statement
  • Print month-end reports
  • Back up data files (using File Tools)

If you aren’t sure what reports to run, have unposted transactions that you don’t know how to correct, encounter difficulty reconciling with General Ledger, or have other concerns or issues related to month-end processing, one of our skilled consultants at Ledgerwood Associates would be happy to assist you. Call us at 480-423-8300, and ask for Carolyn or click the button, below!