NetAsset - Month End Playbook

Use Case 

It is easy to miss steps when going through your month end processes. We have provided the checklist below as a baseline of what to check and do regarding your assets to close your books every month.

Month End Playbook

Optional Step: Confirm your bundle is up-to-date. 

1. Verify all assets are accounted for in the system. Specifically look at any Pending assets to verify they should not be active in the current month. 
   1. We recommend reviewing this by first navigating to NetAsset > Create New Asset> Create Assets from Proposals. Review the assets proposals to ensure that none of the proposals should have been placed in service during the current period. 
   2.  We recommend reviewing this by second navigating to NetAsset > View Asset Register> Asset Register. Change the view to the "Netgain Preferred Register". You are then able to filter and can filter by the "Pending" status. View full size
   3.  If any asset needs to be placed into service for the current month, you will need to first generate depreciation schedules for these assets. See our guide on how to generate depreciation schedules. 
   4. Once schedules have been generated and reviewed, these new assets will need to be queued for capitalization . See our guide on how to queue additions for capitalization.
2. Verify all revaluations to assets for the month are processed. If any assets need to be revalued, see our guide on how to revalue assets.
   1. We recommend reviewing this using the gross asset revaluations report.
3.  Verify all transfers to assets for the month are processed. If any assets need to be revalued, see our guide on how to transfer assets.
   1. We recommend reviewing this using the gross asset transfer report.
4. Verify all disposals of assets for the month are processed. If any assets need to be disposed, see our guide on how to dispose of assets.
   1. We recommend reviewing this using the gross asset disposal report.
5. Run the monthly journal entries for the month. A detailed explanation is found in our guide for running monthly journals.
   1. Navigate to NetAsset > Process Monthly Journals > Run Monthly Asset Journals.
   2. Verify the Period is the current month. Check the box "RUN ALL MONTHS UP TO AND INCLUDING" if you want to run journal entries for all previous months (in case prior months have been missed) as well as the current month. If journals have already been run in previous periods, this will not affect those journal entries.
   3. Select Mark All to select all assets with a payment in the selected period.
   4. Select Create Journals.

      Approvals

      Your company may have permission settings such that approvals are necessary to run journal entries. See our guide on approving journal entries for more detail.
      

View full size     6. Reconcile clearing account. Verify any balance in the clearing accounts are appropriate and expected. We recommend using the following reports to review the month-end balances in              your clearing accounts:

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

    7. Reconcile all asset activity.  We recommend using the Asset Balance Roll Forward Report to tie out the Gross Asset Value and Accumulated Depreciation as presented on the GL. This report summarizes the beginning and ending asset balance accounts for each asset type and the roll forward activities associated with those accounts over the selected period.