Applied Epic On-Premises organizations only: Back up all data. Applied recommends keeping this backup at least until the next Month-End.
Make sure that all client transactions, miscellaneous journal entries, and bank account entries (such as depreciation, bank charges, etc.) for the month to be closed have been recorded. No transactions should be entered once you start the Month-End procedure.
If you are sending client statements as part of your Month-End, you can generate them now.
Change the default month so that any transactions entered will default to the new accounting month.
Generate the journal entries for verification. These entries are generated based on the daily activity entered into the system (transactions, receipts, disbursements, etc.).
Run your Month-End reports. From
the Home screen, click Reports/Marketing.
Note: If a recurring entry (journal entry, disbursement,
or voucher) is configured to recur as part of the month-end procedure,
the entry is posted when the accounting month is closed. If reports
are run before you close the accounting month, they will not include
the recurring month-end entries. Only after the accounting month
is closed will the entries be reflected in the reports.
You can create report versions for your Month-End reports and save them in the My Reports list.
The following reports are recommended for Month-End; however, you can include, delete, or print any reports you choose:
- Account Current (Transaction reports)
- Balance Sheet (General Ledger reports)
- Balancing Current Receivables (Transaction reports)
- Balancing Current Premium Payables (Transaction reports)
- Broker Commission (Transaction reports)
- Earned Commissions (Transaction reports)
- Income Statement (General Ledger reports)
- Premium Payables (Transaction reports)
- Producer Commission (Transaction reports)
- Production (Transaction reports)
- Status of Accounts (General Ledger reports)
- Trial Balance (General Ledger reports)
- Unapplied Cash/Credit (Transaction reports)
Review the reports for accuracy.
If you find errors, make correcting entries by entering adjusting
transactions in the month you are currently closing.
Remember: If you locked the month, you must unlock it to
enter the adjustments. If you made any adjustments, generate
journal entries again and rerun any applicable reports.
If this is any of your agencies' first month on Epic, verify that the total client beginning balances from the Production report equal the accounts receivable opening balance from the Status of Accounts report. Run the Production report for the miscellaneous user-defined transaction code created to input your customer beginning balances.
Before closing the month, verify that your receivables and your premium payables are in balance.
- To see if your receivables balance, generate the Balancing Current Receivables report, which includes the total based on the transactions entered as well as the General Ledger account balance. If the Grand Total for transactions equals the General Ledger Accounts Receivable balance, you are in balance.
- To see if your premium payables balance, generate the Balancing Premium Payables report by agency for the accounting month being closed. Compare the Grand Total with the General Ledger Premium Payables balance. If the two match, you are in balance.