As part of normal month end reporting a reconciliation of gross profit between Synergist reports and similar reports from your accounts software should be performed.
3 journals represent the movement in Deferred income, WIP and Accruals. As the journals need to be the movement, it is usual practice to operate reversing journals using the cumulative balance. If you are using the feature to post recognised values, then you will not require a deferred income journal in order to reconcile sales.
- Make sure all batches of sales invoices for the period in question have been posted from Synergist to your accounts software
- Make sure all revenue transactions in the period have been made real
- Run the Period Profit report for the month.
- Run your revenue report for the period for use as a journal for deferred income. Note, if you are posting recognised amounts from Synergist to accounts as opposed to billed amounts a revenue journal will not be required
The Period Profit report for the period shows total recognised for the period. Adjust this figure by the movement in deferred income for the same period to get your sales figure to reconcile with accounts. If using the nominal postings feature linked above the deferred amounts on invoices / RRs will have been posted to the relevant deferred / accrued income accounts already.
Reconcile cost of sales
- Make sure all batches of purchase invoices for the period in question have been posted from Synergist to your accounts software.
- Make sure all sales invoices have been made real and any costs are ticked off
- Run the Purchase Invoices - PIR report for the period, excluding internal client jobs
- Run the WIP - Retro report up to the end of the period, excluding internal client jobs. The purchases column is the basis of your WIP journal
- Run the Purchase Invoices Awaited report up to the end of the period, excluding internal client jobs. Make sure to change the job selection control to "any ticked costs up to cut off". The uninvoiced column is the basis of your accruals journal
Now adjust total cost of sales for the period from the Purchase Invoices report with movement in WIP and movement in accruals (add the movement in WIP, subtract the movement in accruals).
Obviously once the sales and cost of sales figures reconcile the gross profit for the period will also reconcile.