End of Period Accounting

DebtCol makes your end of period administration easy. Follow this sequence of processes in the below order to complete all your accounting and reporting with ease.

Clear Held Payments

Trust accounting is a serious business that comes with a lot of responsibility and therefore compliance. Over-drawing the trust account is a huge no no. To avoid this, for payment methods that require clearance from the financial institution, like cheques, these are placed on hold for the number of days required by the financial institution. When refunding trust money to the client, held payments are excluded, just to safeguard you from paying a client, then having some of those funds dishonour, rendering your trust account as overdrawn. See here for details on how to manage and clear held payments.

When you enter the process from the menu, a table will automatically populate all payments currently held for clearance.

Trust Liability, Refunds and Deductions

Once trust payments are clear, you can refund them to the client after deducting your fees. Click here for instructions.

GENERATE CLIENT INVOICES

Where your clients are setup to contra fees and charges, the trust liability will have generated their invoice. However that will only be the case if you have cleared funds sitting in trust for them. So you will need to generate invoices to bill these clients and the clients that you don't have a contra arrangement with. Click here for instructions on generating invoices.

Run Your Key Reports

Perhaps you want to report on revenue, the trust account and collector activity. Choose all the reports you need and dispatch them according. See here for details on how to run reports. Or take a look at some common reports here.

EXPORT TO MYOB / XERO

Now that your invoices have been generated you can export to either MYOB or Xero. Click here for MYOB instructions. Click here for Xero instructions.

END OF PERIOD ROLLOVER

DebtCol is an open-item billing system and its Trial Balance Summary automatically ages outstanding invoices based on the date the invoice was generated. So a rollover is not needed, like it is in an ageing accounting system. However, this process does do some general housekeeping so we do recommend it be run at least once a month.

Accounting > End of Period > Roll End of Period

The Roll End of Period process is responsible to some minor house-keeping and should be run, however it is not critical because DebtCol is not an aging based accounting system.

When you enter the process you will be presented with the following prompt:-

Click OK to continue.