Month end procedures

Zenya Allen
Zenya Allen
  • Updated

The month end procedure is carried out on the last day of the month. It provides a total of all your accounts activity during the month and can be supplied to your accountant if requested. 

 Warning

This process cannot be replicated in full on another date during the month, as the Reconcile Balances report generates a detailed summary of monies in the said account, at the date and time it is created, therefore it cannot be obtained again at a later date 

This article includes: 

Prepare accounts to end of month

Before starting the end of month procedure, you will need to ensure all your banking for the day has been completed up to and including the last day of the month.
For more information on Completing a Bank Reconciliation, click here

The next months receipts must not be entered until the full end of month procedure has been carried out.

  • Enter all of your receipts into your CFPwinMan software
  • Update your banking records, such as pay Landlords and Contractors, refund any deposits, etc
  • Reconcile your bank account to the closing balance at the bank
    For more information on Bank Reconciliation discrepancies, click here
  • Do not start entering next month’s transactions until you have completed this procedure

Save and print the Bank Reconciliation

When you have completed and updated all your receipts for the month, you will need to print or save the last Bank Reconciliation.

  1. Click Postings on the main toolbar
  2. Click Bank Reconciliation from the dropdown menu
  3. Select the correct client account
  4. Make sure your bank reconciles to CFPwinMan and the Bank Reconciliation is updated to the correct balance
  5. If you have ticked Create PDF File, each time you update, a record is saved as a .pdf in Filed Copies at the bottom of your Bank Reconciliation window
  6. Click Filed Copies, ensure your end of month Bank Reconciliation is saved and print if required
  7. Click Close

Generate the Reconcile Balances report

The Reconcile Balances report shows a breakdown of the total client account figure into its constituent cash balances/ledgers. 

For the purposes of the end of month procedure, you need to generate a Reconcile Balances report to identify where monies are currently being held at the end of the month. It cannot be obtained again at a later date.
For more information on the Reconcile Balances Report, click here

  1. Click Reporting from the main toolbar
  2. Click Reconcile Balances from the dropdown menu. This will start to check through all of your balances and will highlight if there are any issues that need to be addressed in your account
  3. Choose Account - Click the ... to search for and select the correct account 
  4. Click Calculate
    1. If a green tick appears, you can carry on as it indicates the system is in balance with itself
    2. If a red cross appears, it indicates that it isn't in balance. If so, you should contact Support urgently. Click Submit a request below and complete the contact form
  5. Click Print full detail
  6. Once printed, the report will be saved. Click View filed copies to access the report again
  7. Click Close

Save or print accounts by group

  1. Click Reporting on the main toolbar
  2. Click Accounts from the dropdown menu
  3. Date Filter - Enter the date range for your month
  4. Click on each of the following to produce a report by the date range selected in step 3, then click Print to produce or save, a copy of each the following:
    1. Receipts - All receipts into the system
    2. Payments - All payments made out of the system       
    3. Cash Adjustments - All cash adjustments made on the system
    4. Deposit a/c - A list of all deposit entries credits and debits 
    5. Deposits - Balance of deposits on client accounts 
    6. Overseas Tax a/c - A list of all overseas tax entries credits and debits  
    7. Overseas Tax - Balance of overseas tax on client account 
    8. Contractor Report - A list of contractor payments 
    9. Cash Book Summary - Lists entries on the cash book 
    10. Agency Account - Lists fees that have been paid to the agency 

Produce an arrears report

You will need to print off a list of your outstanding arrears. We suggest this is generated from Reporting.

  1. Click Reporting on the main toolbar
  2. Click General from the dropdown menu
  3. Click Invoicing and Arrears
  4. Click Next
    1. Source - Select Landlords
    2. Status - Select the preferred status
    3. Select Invoice Arrears, Format - Standard List, click Next 
    4. Click Next
    5. Select Report
    6. Click Finished
  5. Print or save the produced report
  6. Repeat these steps, selecting Tenancies, then again for Tenants

Back up and store data

Once all of the above procedure has been carried out, you should:

  • Take a backup of your end of month data and keep it safe
  • Keep all corresponding reports together, ready for when your accountant needs them
  • At year end, you will be able to present your accountant with the 12 batches of reports representing the client monies throughout the year