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    Quarterly Accounting Self-Audit
    • 08 Nov 2024
    • 2 Minutes to read
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    Quarterly Accounting Self-Audit

    • Dark
    • PDF

    Article summary

    Every quarter, it is important to review certain aspects of the Accounting module to ensure that all transactions tie out, access to the system is granted to the appropriate Users, and financial data is accurate.


    Run the AP Aging Report

    Run the AP Aging report to ensure that all AP Transactions are cleared and tied out. If any discrepancies exist when reviewing this report, check for the following issues:

    • Journal Entries are entered directly to the General Ledger but not to Accounts Payable. These will appear on the AP Aging as an 'Unassigned Vendor'.

    • Credit Memos or Invoices are coded directly to Accounts Payable.

    • Invoices have a negative Credit Expected.

    • Balances were off before cutting over to R365. This will appear as a system setup error in the To Do Checklist.

    • AP Invoices are missing.

    R365 Best Practice:

    Save a list view for AP prior to quarter end with a remaining balance greater than zero, as shown below.



    Run the AR Aging Report

    Run the AR Aging report to see any open AR Transactions that have not been paid. If any discrepancies exist when reviewing this report, check for the following issues:

    • Journal Entries are entered directly to the General Ledger but not to Accounts Receivable. These will appear on the AR Aging report as 'Unassigned Vendor'.

    • Balances were off before cutting over to R365. This will appear as a system setup error in the To Do Checklist.

    • AR Invoices are missing.


    Review and Update User Permissions

    At the end of the quarter, it is beneficial to go through the Users list to make sure people have the correct access to the system and reports, including if access is revoked. Complete these tasks to update User Permissions:

    1. Review the Users list to make sure only current Employees have access to the system. Click here to learn how to Deactivate or Delete a User.

    2. Check to make sure that only select few Users, if any, have the following User Roles:

    3. Ensure that Report Roles are set up with the desired level of access and are assigned to the appropriate Users.

    Check out this webinar for a deeper dive into User Setup Best Practices.


    Additional Financial Review

    Assess these additional areas for a deeper look into financial health:


    R365 Coaching Session: Auditing Data to Ensure Accuracy

    Maintaining reliable data is essential to support informed business decisions. In this session, R365 Coaching Session: Auditing Data to Ensure Accuracy, Customer Success experts cover practical methods for identifying, preventing, and correcting data inaccuracies. This training provides insights into effective data auditing practices for accounting and store operations, ensuring accuracy across key systems.      


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