Reconciling Monthly Financials
At the end of the month, certain critical information must be passed onto the company's accounting system. The purpose of this document is to explain how this information can be pulled from Komet Sales and entered into the accounting system.
Please note that the general ledger accounts used here should serve only as a guide since the number of accounts will vary based on how each chart of accounts is set up.
Sales and Credits
Sales
Run the "Sales Summary" to get the total flower sales for the period. Once you have this figure, you can credit the sales and debit accounts receivables accounts.
Customer Credits
Export the credit details from the Period's Order Entry > Credit Summary. Post a debit to the sales credits account and a credit to the accounts receivables account.
Sample Chart of Accounts for Sales
Income | Description |
|---|---|
Sales | These accounts role up all of the sales income accounts. |
Sales Total | This account contains the total flower sales for the company. Entries go in as credits. |
Sales - Credits and Returns | All customer credits are posted as a negative value under this account. Entries go in as debit. |
Sales - Customer Discounts | All customer discounts are posted as a negative value under this account. Entries go in as debit. |
Inventory Valuation
Run the "Inventory Valuation Report" using the last date of the period. Post the total inventory value to the inventory account (this account should be an asset account). Please note that it is recommended to post the landed cost from this report.
Cost of Goods Sold
Posting to the COGS account is unnecessary since this information is entered with the vendor invoices.