Can You Close Your QAD Enterprise General Ledger in a Day?

Posted on: December 1, 2008 | By: SuperUser Account | QAD Financials

Can You Close Your QAD Enterprise General Ledger in a Day?

What prevents your accounting team from closing the books in a single day? What are the excuses?

  • Payroll does not come in till Wednesday!
  • I want to leave accounts payable open to make sure that all invoices for the period is accrued!
  • My journal entries take a few days to key. 
  • I have no automation for journal entries.
  • I have to analyze the results before I release them to management.
  • I have to reconcile my system accounts payable, receivables and inventory control. 

The excuses are plentiful. The reality is that a lengthy close makes financial reporting from the accounting department irrelevant to the company’s business managers.

A solid business process review of the accounting general ledger should be conducted for the closing process to identify bottlenecks that prevent your business from closing in single day. With MFG/PRO, 99% of all transactions are included in the general ledger at month end. This 99% is the result of the integration of the general ledger with the sub modules. Little investment in integration customization will benefit your accountants dramatically. Build integration for:

  1. Payroll entries.
  2. Fixed Asset entries
  3. Purchase Card Entries
  4. Freight Entries

Account Analysis, the reconciliation of a general ledger account to its supporting documentation, should be completed at least monthly. For system accounts, this effort can be completed on a daily basis for the general ledger AP, AR, Inventory and PO receipts liability. Completing account analysis outside of the closing cycle will remove a bottleneck process. If your company is using a standard costing system, then you are able to review large variances on a daily basis. Again, remove these bottlenecks from the closing process.

With QAD’s Enterprise Software, you don’t have to wait till month end to close the books. Close your books in a day, make you’re the financial reports relevant to the business.

If you are interested in discussing this topic with me, you can contact me at avitullo@logan-consulting.com.


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