End of Month (EOM) Procedures

The steps below are the common end-of-month processes to follow.

Run and Post All Recurring Transactions Print Audit Reports Make WIP Adjustments Print & Reconcile Sales Tax Reconcile Bank Accounts

Verify Transactions Assigned to Profit Center / Department Print Financial Statements Verify Parts Inventory Balance Run Unit Inventory Reports (Setting-Dependent)

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Run and Post All Recurring Transactions

This step may be skipped if your dealership has not set up recurring transactions.

1. Open the accounting module.
2. Click the Create Recurring Transactions option in the quick links menu on the left side of the screen.

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Print Audit Reports

3. Print Audit reports

• • Open the Accounting module.
  • From the menu on the left side of the screen, choose the Audit Reports option.
  • Run the report to find issues. All audit reports will run at once.

4. Correct any problems that you find on these reports.

For example, if there are AP or AR transactions or amounts missing entity names, you will need to add an entity to the transaction.

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Make WIP Adjustments

5. Run a GL Detail Report (Research) report to get the balance on your unpaid labor account (usually labeled WIP) for the current month.

• • Open the Reporting module.
  • Expand the Accounting Reports section.
  • Expand the General Ledger Reports section.
  • Run a GL Detail Report (Research) report to get the balance on your unpaid labor account (usually labeled WIP) for the current month.

6. Run a Mechanic Payable Report - Full Detail filtered for in process repairs only to get the balance for work in process for all non-cashed out tickets open in the current month.

• • Expand the Service Reports section.
  • Expand the Mechanic Reports section.
  • Expand the Mechanic Flagging Reports section.
  • Run a Mechanic Payable Report - Full Detail filtered for in process repairs only to get the balance for work in process for all non-cashed out tickets open in the current month.

7. Run the GL Detail Report (Research) to get the balance of all mechanic wage expense entries made during this month in payroll.

• • Expand the Accounting Reports section.
  • Expand the General Ledger Reports section.
  • Run the GL Detail Report (Research) to get the balance of all mechanic wage expense entries made during this month in payroll.

8. Take the totals generated from steps 5 and 6 and add them together. Once you have your total for WIP, subtract the totals generated during step 7. The total will be your WIP entry for the current month. Remember to reverse this entry out the following month.

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Print & Reconcile Sales Tax

9. Print and Reconcile your sales tax report.

• • Open the Reporting module.
  • Expand the Tax Reports section.
  • Expand the Accounting Tax Reports section.
  • Run the Sales Tax Report - Detail report. 

10. Verify that the balance shown in your sales tax LI/AP accounts matches the sales tax report for that tax period.

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Reconcile Bank Accounts

11. Reconcile your bank accounts. Once you have reconciled your check register to your Bank Statement and everything is balanced, you will need to finalize it by clicking on the Finalize button on the Bank Reconciliation Screen.

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Verify Transactions Assigned to Profit Center / Department

12. Verify that all transactions are assigned to a Profit Center. If your dealership is fully departmentalized, make sure that all transactions are assigned to a department.

• • Open the accounting module.
  • Choose the Advanced Search button at the top of the screen to open the advanced search window.
  • In the filter for date range, make sure you select the month you intend to close out.
  • Run the search to view results in the table below.
  • Check for any blanks.
  • If you do find any blanks, assign the correct Profit Center or Department.

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Print Financial Statements

13. Print your financial statements and review them for accuracy.

• • Open the Reporting module.
  • Expand the Accounting Reports section.
  • Expand the GL Reports section.

• • • Profit and Loss Report
    • Balance Sheet Report
    • GL Trial Balance

14. If this is your first time closing the month and you have multiple profit centers, you will also want to run the Trial Balance report and filter it by each profit center. Once you’ve printed each profit center's trial balance you will need to add the totals on each profit center up and make sure that they match the totals for the Company as a whole.
15. If this is your first time closing the month and you are fully departmentalized you will need to run a Profit and Loss report for each department. Once you’ve printed each departmental report you will need to add the totals up on each departmental statement and make sure it totals out to your company wide Profit and Loss Report. If you have multiple profit centers you will also need to do this by profit center as well.
16. It is also recommended that you review the following reports and make sure their balances are correct and balance out to your balance sheet.

• • • Accounts Receivable Transactions Report
    • Accounts Payable Transactions Report
    • Warranty Receivable Transactions Report

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Verify Parts Inventory Balance

17. Verify that your parts inventory balance closely matches your accounting balance. Your variance should not be too far off. 

• • Open the Reporting module.
  • Expand the Accounting Reports section.
  • Select the Inventory Values by GL Number report

IMPORTANT: This report is time sensitive and recalculates daily. You cannot run this for a past period, only for the current day. Please note that most other inventory reports in parts are time sensitive as well.

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Run Unit Inventory Reports (Setting-Dependent)

18. The setting that will determine if you need to run unit inventory reports can be found in the company settings.

• • Open any module.
  • Click over the icon of a person in the upper right of the screen.
  • Choose the Settings option from the menu. This will open a screen where you can apply settings at different levels.
  • Select the Accounting tab on the left side of the screen.
  • Locate the Acct. Updates Master Inv. option.

19. If your option is NOT CHECKED, we recommend that you print a Unit Inventory Report from Accounting.

• • Expand the Accounting Reports section.
  • Expand the Unit Inventory Reports (Accounting) section.
  • Select the Unit Inventory Floor Plan by Stock report.

20. You will also want to run the unit accounting manager report.

• • Expand the Unit Inventory Reports section.
  • Select the Unit Inventory Accounting Manager report.
  • In the options to the right, ensure you choose Unit Sold = No

21. You will then need to compare both reports and make sure they match.
22. Please consult with your CPA before closing your month.