RFMS Month-End Close: Steps, Reports, and Reconciliation – RFMS Help Desk

Use this guide to complete month-end closing in RFMS and reconcile your accounting reports to the General Ledger.

The Month End menu in Accounting includes several reports used during close, including Tax Reports, A/R Report, A/P Report, Month-End Inventory Balance Report, ERRM Month End Reports, and GST Report. This article explains how those reports fit into the overall close process.

Before You Begin

Before starting month-end close, confirm the following items are complete for the month being closed.

Confirm closing period.
Confirm store selection.
Confirm same date/store/Combine settings.
Review inventory before closing.

Month-End Close Steps

Use these steps as a general month-end close sequence. Your company’s accounting procedures may require additional review, approval, or reporting steps.

Step 1: Complete month-end posting

Before running final month-end reports, confirm that activity for the month has been entered and posted.

Review customer orders, customer payments and deposits, vendor invoices, inventory receipts, inventory adjustments, payroll activity if applicable, and bank or check register activity.

Do not continue to final close until corrections for the month have been entered.

Step 2: Confirm your reporting path

Confirm whether your company uses Enhanced Real-time Revenue Management, or ERRM.

If your company uses ERRM, use the ERRM worksheet and ERRM report reference articles while completing month-end review.

If your company does not use ERRM, use the Non-ERRM worksheet and Non-ERRM inventory report article while completing month-end review.

Also confirm whether your company reports sales/use tax or GST. Use the tax reporting process that applies to your company.

Step 3: Run and review month-end reports

Run the month-end reports your company uses for close and reconciliation.

Use the same month, report date, store, and Combine selection when comparing report totals to journal or General Ledger balances.

Use the worksheet article for your company setup to help track report completion, record totals, and document differences.

Step 4: Correct discrepancies before final close

If a report total does not look correct, stop and review the source activity before continuing.

Common items to check include transactions posted to the wrong month, missing vendor invoices, incorrect account codes, unposted inventory activity, orders not billed or job-costed as expected, customer deposit issues, tax records that need review, or inconsistent store and Combine selections.

Do not complete final close until discrepancies have been corrected or documented according to your company’s accounting procedures.

Step 5: Complete Journal Close

Complete Journal Close only after month-end activity has been reviewed and corrections are complete.

Follow your company’s accounting procedures for preliminary close, journal review, final close, and approval.

Step 6: Save final reports and reconcile

After closing, save or print the final reports, worksheets, notes, and supporting documentation used by your accounting team.

Use the reconciliation reference below to identify which report totals to compare to journal or General Ledger balances.

Reconciliation reference

Use the tables below to identify which month-end report to run and what balance to compare it to.

Run reports for the same accounting period, date range, store, and Combine setting when comparing report totals to General Ledger or journal balances.

Accounts Receivable

Balance to reconcile	Run this report	Menu path	Compare to	Notes
Accounts Receivable	Month-End A/R Report	Accounting > File > Month End > A/R Report	A/R GL or journal balance	This report recreates A/R for prior accounting periods and is used to balance with the GL.
Customer Deposits	Month-End A/R Report	Accounting > File > Month End > A/R Report	Customer Deposits GL or journal balance	Include customer deposit options when running the report.
A/R Aging	Month-End A/R Report with Aging	Accounting > File > Month End > A/R Report	A/R detail and aging totals	Select both Print A/R Report and Print Aging Report to change aging periods.

Accounts Payable

Balance to reconcile	Run this report	Menu path	Compare to	Notes
Accounts Payable	Month-End A/P Report by Account Code	Accounting > File > Month End > A/P Report	A/P GL or journal balance	Sorting by Account Code is useful when comparing to journal entries.
Payables by Supplier	Month-End A/P Report by Supplier	Accounting > File > Month End > A/P Report	A/P subsidiary detail	Sorting by Supplier lists records as they appear in the A/P file.

Inventory

Balance to reconcile	Run this report	Menu path	Compare to	Notes
Inventory	Month-End Inventory Balance Report	Accounting > File > Month End > Month-End Inventory Balance Report	Inventory GL or journal balance	Run for the last day of the month being closed. Use the same store/Combine selection as the GL comparison.
Costed inventory	Month-End Inventory Balance Report	Accounting > File > Month End > Month-End Inventory Balance Report	Inventory and A/P-related journal activity	Costed roll or item inventory generally affects Inventory and A/P-related balances.
Uncosted inventory	Month-End Inventory Balance Report	Accounting > File > Month End > Month-End Inventory Balance Report	Inventory in Uncosted / Accrued Inventory balances	Review uncosted inventory when inventory does not tie to the GL.

Sales tax and GST

Balance to reconcile	Run this report	Menu path	Compare to	Notes
Sales/use tax	Tax Reports / Print Tax Due	Accounting > File > Month End > Tax Reports	Sales Tax Payable or tax liability balance	Run Print Tax Due first as a working report. Print & Post Tax Due marks unpaid tax records as paid.
Tax history	Print Tax History	Accounting > File > Month End > Tax Reports > Print Tax History	Tax paid/due history for the period	Use when reviewing previously posted tax records.
GST collected and paid	GST Report	Accounting > File > Month End > GST Report	GST collected and GST paid accounts	Review A/P invoice dates, customer order delivery dates, tax paid, and tax collected.

ERRM-only balances

Use this section only if your company uses Enhanced Real-time Revenue Management (ERRM).

For details about when records are included in or removed from each ERRM report, see Reference: Month End Reports for ERRM Users.

Balance to reconcile	Run this report	Menu path	Compare to	Notes
Accrued Inventory	ERRM Month End Reports	Accounting > File > Month End	Accrued Inventory GL balance	ERRM only.
Accrued Labor	ERRM Month End Reports	Accounting > File > Month End	Accrued Labor GL balance	ERRM only.
Unbilled A/R	ERRM Month End Reports	Accounting > File > Month End	Unbilled A/R GL balance	ERRM only.
WIP Material	ERRM Month End Reports	Accounting > File > Month End	WIP Material GL balance	ERRM only.
WIP Labor	ERRM Month End Reports	Accounting > File > Month End	WIP Labor GL balance	ERRM only.

Other month-end review areas

Balance to reconcile	Run this report	Menu path	Compare to	Notes
Payroll liabilities, if applicable	Payroll month-end summaries	Payroll module	Payroll liability and expense accounts	Only applies if payroll is processed in RFMS.
Cash / bank	Check register and bank reconciliation reports	Accounting / Check Register area	Cash GL balance	Complete as part of month-end review even though it is not part of the Month End report menu.

If a Balance Does Not Match

See our troubleshooting article RFMS Month-End Close: Troubleshooting Balance Mismatches.

Month End Report Articles

Use these articles for report=specific field definitions, report options, calculations, and examples.

Journal closing checklists

Inventory reports

A/R and A/P Reports

Tax and GST Reports