Does your Month End close take longer than expected?
If your Finance team are using Infor M3 to prepare for Month End, there are several tips and tricks that could make life easier and help to speed up reconciliations.
We have put together a checklist of 7 steps that can help your team prepare for Month End close and use Infor M3 more effectively to see quick wins that can speed up processes and save valuable time.
Does your Month End close take longer than expected?
If your Finance team are using Infor M3 to prepare for Month End, there are several tips and tricks that could make life easier and help to speed up reconciliations.
We have put together a checklist of 7 steps that can help your team prepare for Month End close and use Infor M3 more effectively to see quick wins that can speed up processes and save valuable time.
1. Close period at month-end
Ensure that no transactions are recorded in a period where they do not belong by keeping the active period range open for a limited time only. You can do this within M3 with program GLS990 with the option to specify by module.
2. Ensure GL Balance and detail programs are in line
Are your GL balance program (GLS215) and GL detail program (GLS210) in balance? If not, you can resolve this in M3 by running GLS915 or GLS940. This will ensure that the trial balance is up to date and accurate.
3. Capture and post transactions
Have you made sure that all your internal transactions are captured and posted? To do this run CAS950 from beginning to end once at Month End, then run CAS500 report to check what has not been posted. Finally view the CAS300 program to check and correct any errors.
4. Record revenue
Has the revenue been recorded for all your customer order dispatches in that period? You can run CAS515 / OIS670 reports to check that revenue is recorded and reported accurately to key internal stakeholders who depend on this information.
5. Clear errors
Make sure you remember to clear out all errors in GLS037 and GLS047. This avoids future issues when performing transactions, especially when receipting money and making payments.
6. Approve payments
Have you made sure that all your due invoices are approved for payment? M3 allows you to periodically view any unapproved invoices by running program APS520 which will allow you to take any necessary action and speed up payments.
7. Prepayments / Allocations
Do you have expenses that need allocation to a P&L account each month that takes time during month end? Consider period accounting that splits pre-payments to a given account each month according to the defined split (such as annual rent or advances); or allocations where you can split a single entry balance to a combination of dimensions (such as split a cost between cost centers).
We can help you put these tips into place to save valuable time when it comes to Month End and help release more value from your M3 solution. Anthesis has expert M3 Finance consultants readily available and equipped to provide services remotely to help you get the most from your system.
Speak to us today, email M3@anthesis.co.uk or call us on +44 (0)1260 296530.
