Within this Quick Reference Guide, we will be discussing, from an Accounting standpoint the several tasks that should be performed in ProfitSword to ensure data accuracy and relevancy. These tasks are broken down to daily tasks, weekly tasks and some are monthly maintenance tasks.
Daily Tasks:
Balancing the Income Journal: Daily income journals cannot be exported from ProfitSword into your accounting system if they are not in balance. Getting income journals balanced is a daily task that should be done in ProfitSword to ensure revenues data, cash, credit cards, and receivables flow into your accounting system.
Payments: Another function in accounting is matching payments collected to payments received. ProfitSword tracks payments through the Income Journal and these payment postings have to be matched to payments that have been physically dropped into the Site's safe and to credit card payments processed by the credit card merchant.
Labor Import: Depending on the client, another daily function that is done by the accounting department is to ensure that the labor imports are done and are correct. This ensures the accuracy of the labor productivity reports that are used in ProfitSword. The import labor function is found under the accounting menu in both site and corporate level access. Under Labor Admin select Import Labor.
Weekly Tasks:
Import Accounting Actuals: Importing of Accounting Actuals is done to reconcile the information in the clients accounting system to what is in ProfitSword. Some functions such as accounts payable might be done in the accounting system, to ensure that both systems are matching an import of accounting actuals needs to be done.
Forecasting: Some below the Profit line also may need to be managed by the Accounting department. Some below the Profit line expenses include rental costs, taxes, and insurance to name a few. These expenses need to be added to the forecast to ensure ownership groups have accurate net profit data in ProfitSword.
Monthly Tasks:
Bank Statements: The Cash Posted Report and Credit Card Reports are used to reconcile the amounts that have been received in the bank and credit card payments that are processed by the site's merchant services provider. This is done as part of the end of month closing process.
Updating Period Actuals: Once a site has gone final for the month and closed, it is good to update the period actuals. This will close the month to any further edits; it will show actual data in the reports as opposed to forecasting data.
Labor Mapping: Everyday labor hours from the time and attendance system are imported into ProfitSword. It is a good monthly task to review the labor mapping. Accurate labor mapping ensures that the labor reports are accurate and can be sorted based on labor type
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