NetAsset - Month End Playbook

Overview

Month-end processes can result in missed steps without a structured approach. The checklist below serves as a baseline for verifying asset-related activities and ensuring accurate monthly book closure.

Month End Playbook

Optional Step: Verify that the bundle is current. 

  1. Verify that all assets are accurately recorded in the system. Review any assets with a Pending status to determine if they should be active for the current month.
    • It is recommended to begin this review by navigating to NetAsset > Create New Asset > Create Assets from Proposals. Examine the asset proposals to ensure that none should have been placed in service during the current period.
    • Next, navigate to NetAsset > View Asset Register > Asset Register. Update the view to Netgain Preferred Register, then apply a filter to display only assets with a Pending status:
    • If any asset needs to be placed in service for the current month, depreciation schedules must first be generated. Refer to the Generate Depreciation Schedules guide for detailed instructions.
    • After the depreciation schedules have been generated and reviewed, the new assets must be queued for capitalization. For instructions, refer to the Queue Additions for Capitalization guide.
  2. Ensure that all asset revaluations for the month have been processed. If any assets require revaluation, refer to our guide on How to Revalue Assetsfor detailed instructions.
  3. Ensure that all asset transfers for the month have been processed. If any assets require transferring, refer to our guide on How to Transfer Assets.
  4. Ensure that all asset disposals for the month have been processed. If any assets require disposal, refer to our guide on How to Dispose of Assets.
  5. Process the monthly journal entries for the period. For detailed instructions, refer to the guide on Running Monthly Asset Journals.
    • Navigate to NetAsset > Process Monthly Journals > Run Monthly Asset Journals.
    • Verify that the period is set to the current month. To include journal entries for prior months (if any were missed), check the box for Run All Months Up to and Including. Note that this will not affect journal entries that have already been processed for previous periods.
    • Select Mark All to include all assets for the selected period, then click Create Journals:

6. Reconcile the clearing account. Verify that any balances in the clearing accounts are appropriate and as expected. It is recommended to use the following report to review the month-end balances in your clearing accounts:

  •  Proposals Roll Forward ReportThis report provides a summary of all Fixed Asset Clearing account activity. The activity should net to zero for each month if all asset proposals have been placed in service. A balance may remain due to timing differences between when proposals are entered and when assets are placed in service. Prepayments will remain in the clearing account until the period in which the asset is placed in service. 

7. Reconcile all asset activity. Use the Asset Balance Roll Forward Report to reconcile Gross Asset Value and Accumulated Depreciation with the general ledger. This report summarizes beginning and ending balances for each asset type and details the roll-forward activity across the selected period.


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