Trust End of Month Checklist
This file will guide you through the process for End of Month.
Ensure you have done the following:
- Receipted all deposits for the month that appear on your bank statement
- Entered all payments for the month that appear on your bank statement
- Check to see if there are any amounts waiting to be banked (relates to Cash or Chqs only)
- Process the banking if any
- Update your Contract statuses to the correct stage eg. Unconditional, Settled etc.
You are now ready to reconcile up to and including the last day of the month. If you haven't already, create a Bank Reconciliation and save it as Reconciled.
Your auditor will require printed reports for each month however please confirm with you auditor in case they have specific requirements. The software will automatically send an email to the user who processed the reconciliation with the reports that are required for your auditor. Please ensure that you store them in a secure location. You can also send a copy of the reports to another Aro user.
The Trial balance cannot be reprinted at a later date so it is imperative that these reports are emailed.
Below are the reports that you will receive by email.
You can choose to reprint these at any time:
Checking your Reports and Balances
Ensure the bank reconciliation report and the trial balance report have the same total figure. The only acceptable exception to the figures being different would be because there are Unpresented Payments or Deposits in Transit.
For Example:
Bank Statement Balance is $55,000
Trial Balance is $52,950
These figures are different because there is $2500 in Unpresented Payment and $450 in Deposits in Transit
Therefore $55,000 - $2500 (Unpresented Payment) + $450 (Deposit in Transit) = $52,950
These reports are in balance.
The Bank Reconciliation must be completed within 7 days of the following month. There is a 7 day window where users can add receipt and payment transactions in but after that date you will need to complete and save the previous month Bank Reconciliation before you can proceed further.
Please send an email to support@arsoftware.com if you need help to explain or investigate any errors.