Month End Journal Entries for QuickBooks Users

This document explains the purpose and steps of this application in JobBOSS2. There is a breakdown of the concepts and functionality as well as specific instructions for using the application. If you need any additional information on this application, see the Additional Topics links to the right.

About QuickBooks Monthly Entries

This is the recommended monthly procedure when using the interface between the JobBOSS2 and QuickBooks and using QuickBooks financial statements. This document explains the steps necessary for recording the correct inventory in QuickBooks.

Additional Resources

In order to create month end Journal Entries, you will need to gather information from a couple different summaries in the system. Run the following summaries before starting the journal entry process:

  • Inventory Summary

    • Run the summary based on the last day of the month or after all activity is completed.

    • Filter the report by general ledger account or by product code to see the values of both manufactured and purchased parts.

    • This report is NOT back-datable; however, the Inventory Activity Report found in 6.0 & above is.

  • Work In Process Summary

    • Run this report based on the month-end.

    • Select GL Code Breakdown as from the Include These Reports section before running the report.

To Do in QuickBooks

The following items must be completed in QuickBooks:

  • Make a journal entry in QuickBooks for the Work In Process.
    • This should be a reversing entry.
  • Run the Balance Sheet Financial report in QuickBooks.
  • Make a journal entry in QuickBooks so that your Finished Goods and Raw Material inventory match the Inventory Summary report from JobBOSS2.
    • The offset entry is to the Cost of Goods Sold account.
  • This journal entry is necessary so that all the inventory transactions which happen in JobBOSS2 are recorded correctly in your QuickBooks General Ledger.

Year End In JobBOSS2

Once your month end entries are in order, close your year in JobBOSS2 and open a new Fiscal year.

  1. Go to the red Settings tab, open the System dropdown menu, and select Company Maintenance.
  2. Click Fiscal Year Settings from the row of Action Buttons.
  3. Select the current fiscal year from the grid.
  4. Click the Closed Year check box.
  5. Open the Add Fiscal Year dropdown and select After.
  6. Verify the information on the Create New Fiscal Year box and click Create.
  7. Click OK to save your changes and exit the Fiscal Year Settings.

 

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