This article will give you a basic checklist of Month-end accounting tasks that we recommend the dealership complete.

Please note:


  • These are recommendations only 


  • It is up to the dealership to determine what end of month / end of financial year tasks they need to complete


  • We would also suggest that you contact your accountant for their advice and guidance



Tasks and Resources (if applicable)

Task: Finalise all Cash Reconciliation for the month (BP)

Link to Resource: What is a Cash Reconciliation / How to process a Cash Reconciliation

Task: End of Day Balancing of Cash Drawers (BP)

Link to Resource: How to Process the End of Day Balancing of Cash Drawers

Task: Complete Bank Reconciliation - Xero uses the bank feed to reconcile as you go

The balances at the top of the screen tell you where you are on any given day, not just at the end of the statement period. When you receive the monthly bank statement, all you have to do is generate the Reconciliation report and review it for correctness.  Review the Bank Statement tab on the report to verify the beginning and ending balances match the beginning and ending balances on the statement, and if they do,  go to the Summary tab to review for discrepancies, such as line items that should have been reconciled but weren't. If all looks as it should, Publish and you are done

Link to Resource:  https://central.xero.com/s/article/Reconcile-your-bank-account#Web

Task: Complete any other reconciliations and checks within QuickBooks as required (QuickBooks)

For example - Any General Ledger accounts that you use as Clearing accounts eg:
- Blackpurl Stocked Trade Clearing GL
- Blackpurl Lien Payout Clearing GL
- Blackpurl Deal Option Clearing GL

If you keep Store Credits - run a Store Credit Report in Blackpurl and then review the Store Credit Liability GL

Link to Resource - Reconcile - Stocked Trade Clearing / Reconcile - Deal Option Clearing General Ledger 


Task: Review Accounts Receivable Aging report to relevant General Ledger account  

Link to Resource: https://central.xero.com/services/auth/sso/Xero/?startURL=/kA71N00000004g3SAA

Does your Accounts Receivable Aging Report match the relevant General Ledger account?

Task: Review Accounts Payable Aging to General Ledger account 

Link to Resource: https://central.xero.com/s/article/Aged-Payables-Summary-report-New#Newversion

Does your Accounts Payable Aging Report match the relevant General Ledger account?

Task: Reconcile Unit Inventory - Run Stock Unit report in Blackpurl and then compare with the relevant General Ledger account in Xero (BP/Xero)

Link to Resource: Reconcile - Unit Inventory General Ledger Accounts

Task: Reconcile Part Inventory - Run Part Inventory Valuation Report in Blackpurl and compare with the relevant General Ledger account in Xero (BP/Xero)

Link to Resource: Reconcile - Part Inventory General Ledger Accounts

Task: Reconcile Customer Order Deposits - Run a Customer Order Report in Blackpurl and note the Deposits Totals and then compare this total with the relevant General Ledger account in Xero (BP/Xero)

Link to Resource: Reconcile - Customer Deposit



IMPORTANT TO NOTE


  • As Part Valuations is a running balance, you cannot request a report for a previous date range
  • The report is only as good as that day. If you want an End of Month Valuation or End of Financial Year you must run the report last thing on the last day of the month OR first thing on the first day of the new month


  • If you have made manual journals within Xero or you have manually changed an integrated transaction from Blackpurl then you will not balance out to Blackpurl