1. Review of balance sheet accounts
- Check balances on the accounts are as expected, including for items such as accruals and prepayments
- Review and clear petty cash balances and advances promptly
- Identify any recurring issues with Barclaycard reconciliations and take action to ensure reconciliations are completed promptly
These balances can be accessed via the Month-End Dashboard or the Trial Balance report.
2. Internal trade
Regular recharges for goods/services can be dealt with via journals.
Where the quantity and price is the same or non-negotiable each month for at least three months (i.e. due to external recharging for e.g. telecoms, utilities), internal trade should be managed via journals.
These journals can be initiated by either the selling or buying department depending on the nature of the transaction. Most internal trade journals are posted by divisional offices, Estates Services or IT Services.
3. Accruals and prepayments
In line with the accruals process guidance (doc) you should consider the following adjustments on general ledger accounts:
- Income accounts
- Expenditure accruals
- Prepayments
- Income in advance
4. Correcting journals
Keep correcting journals to a minimum by posting to the right place first time wherever possible. Corrections should be identified promptly as part of the month-end process and correcting journals posted promptly.
- Payroll – review costing reports to identify any payroll costs that need adjustment
- Variances on income and expenditure reports – perform detailed review of transaction listing
