Monthly Audit Methodology in Sage 300 ERP

By | March 13, 2013

Many organizations follow monthly audit to ensure their accounting books are up-to-date, as a result their accounting data does not have any glitches or mismatch at the end of the year.
Sage 300 ERP (formerly Sage Accpac ERP), helps users with monthly auditing with its inbuilt reports, which helps user to audit accounting data with an ease. However, sometimes Users may come across situations, where either of the below mentioned conditions can occur in Sage 300 ERP;

1. In Sage 300, Sundry Creditors account does not tally with Aged Payable.
2. Sundry Debtor does not tally with Aged Trial Balance.
3. Inventory does not tally with Inventory account.

Locating these balances is always a difficult task for account’s professionals. Hence, to avoid these types of situations, user should follow a “Monthly Auditing Methodology” which is very efficient.
Also Read: Be ERP Ready
Even if user gets any mismatched balances, tracking this mismatch becomes easy, as users just need to go through 1-month’s transaction. Therefore, monthly audit at month end is advisable.
Below mentioned points will help users with an easy and effective procedure of Monthly Auditing;

1. In Sage 300 ERP, run “Day End Processing” from Inventory Control >> IC Periodic Processing >> Day End Processing.
2. Post un-posted batches from Account Payable, Account Receivable and General Ledger.
3. Then run GL Trail balance report from General Ledger >> GL Reports >> Trial Balance.
4. Locate the required accounts (credit and debt) and note the balance it displays.
5. Run AP Aged Payable and AR Aged Trial balance reports; note down the total balance it displays.
6. Tally Total Balance of AP Aged Payable with the Creditor’s ledger from GL Trial balance.
7. Tally Total Balance of AP Aged Trial Balance with the Debtors ledger from GL Trial balance.

Following above procedure regularly, will increase efficiency while working with Sage 300 ERP. Hence, will automatically increase Users confidence, while handling Sage 300 ERP.
Related Posts:

1. Year End process in Sage 300 ERP
2. Lock – Unlock Fiscal Period Module wise in Sage 300 ERP