Accountancy Routines
The purpose of this document is to assist with your accountancy routines, if all the tasks in this document are routinely completed your accounts should be accurate. If you are unsure how to complete any of the tasks, please contact support.
Tips and recommendations
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Get used to using the search function (Alt+Q) instead of the menu to navigate around the accountancy system.
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If a customer has paid via a bank transfer, we strongly recommend that you apply the payment only whilst performing a Payment Reconciliation Journal and to avoid applying the payment manually. This greatly reduces the chance of duplicating transactions on your bank account.
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Watch this video to learn how to add new G/L Accounts (Nominal Codes) Video
Daily Routines
These tasks should ideally be completed daily and if possible, the reconciliation should be done on the same day. Some of these processes relate to the general use of the service side of Garage Hive.
- Post Jobsheets (Retail customers)
- Post Jobsheets (Account customers with payment terms)
- Run the WIP report (Reports -> End of Day -> Jobsheets - Work in Progress) and make sure all the necessary Jobsheets are posted or deleted
- Post Parts Purchase Invoices
- Items to return report checked (Reports -> Additional -> Items to Return) - Video
- Return Items added to Purchase Return Orders - Video
- Post Parts Purchase Credit Memos
Daily Reconciliation
Your daily reconciliation is the most important aspect of your accountancy process. If your end of day process is strict and the reconciliation is accurate, the rest of your accountancy process will be a lot easier.
We recommend having a separate folder for each day of the week. Each Posted purchase invoice should be placed in this folder during the day, this is also useful to separate the posted purchase invoices from those that still need posting.
For an accurate daily reconciliation, the following must be complete:
- Reconcile End of Day Report (Reports -> End of Day -> End of Day Report)
- Reconcile customer receipts/refunds
- Run PDQ/Card Receipt end of day
- Check till float/cash receipts
- Reconcile Posted Purchase invoices
- Check Vendor No, Document No, Document date & Amounts are correct on the End of Day Report
- Reconcile customer receipts/refunds
If you have taken account payments and posted them, there is an additional report to run for the end of day reconciliation.
- Reconcile Customer Payments/Till (Reports -> Additional -> Customer Payments/Till)
At the end of each day, you should have the following in your “End of Day” folder for that day.
- End of Day Report
- Customer Payment/Till Report (If required)
- Posted Purchase Invoices (Posted that day)
- PDQ End of day report
- Card Receipts
- Cash taken that day (If safe to do so)
This “End of Day” folder should then be passed to the person responsible for your bookkeeping / accounting to double check, then file.
Weekly Routines
- Post Business Purchase Invoices (Utilities, etc) - Video
- Check any outstanding Purchase Orders over a week old
- Check any outstanding Purchase Return Orders over a week old
- Bank reconciliation / Payment reconciliation journal (this can also be done daily) - Video
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Check your bank balances are correct - Use the search function and search for “Bank Account”, select the relevant bank account and in the action bar select Navigate -> Balance. Select the desired “View by” and “View as” options as necessary. If there is a difference, identify which date the difference occurred and select the balance figure, this will open the bank ledger entries related to that day for you to analyse.
- Check debit/credit clearing and till G/L Accounts are correct on the Trial Balance - Video
Monthly Routines
- Bank reconciliation / Payment reconciliation journal (this should have been done weekly, make sure the month is completely posted) - Video
- Check your bank balances are correct - Use the search function and search for “Bank Account”, select the relevant bank account and in the action bar select Navigate -> Balance. Select the desired “View by” and “View as” options as necessary. If there is a difference, identify which date the difference occurred and select the balance figure, this will open the bank ledger entries related to that day.
- Check any outstanding Purchase Orders over a month old
- Check any outstanding Purchase Return Orders over a month old
- Reconcile Supplier Statements - Video
- Check open Vendor ledger entries, if there are open entries make sure that they are legitimate transactions that do not need applying - Video
- Check Aged Debtors is correct and matches the Trial Balance - Video
- Check Aged Creditors is correct and matches the Trial Balance - Video
- Check Trial Balance - Video
- Send Customer Statements - Video
- Post Wage Journal - Video
- Make necessary Month End Journals Video
- Check your VAT Liability for the month - Video
- Analyse your VAT Entries for the month - Video
Quarterly Routines
- Check your VAT Liability for the quarter - Video
- Analyse your VAT Entries for the quarter - Video
- Submit your VAT via MTD - Video
- Make sure that once you have submitted your VAT you Calculate and Post your VAT Settlement as per this Video. This is a critical process, if you have any questions please contact support.