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. 


This article reviews the following Accounting Self-Audit tasks:



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: 

  1.  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'
  2.  Credit Memos or Invoices are coded directly to Accounts Payable
  3.  Invoices have a negative Credit Expected
  4.  Balances were off before cutting over to R365. This will appear as a system setup error in the To Do Checklist
  5.  AP Invoices are missing


Pro Tip: 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:

  1.  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'
  2.  Balances were off before cutting over to R365. This will appear as a system setup error in the To Do Checklist
  3.  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 mark Users as 'Inactive'
  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: