Golden Rules of Accounting

Review the Accounting Do's and Don'ts to help you stay successful with Accounting in R365!

Daily Sales Summary

• Do make sure that your review a Daily Sales Summary to ensure accuracy by comparing POS reports to your R365 DSS.

• Don't blindly approve a Daily Sales Summary without reviewing and validating.

• Do approve all DSSs in payroll journal entry date range before approving the Payroll JE because Payroll JEs will only adjust accruals from approved DSS journal entries.

Payroll

• Do set your Payroll JE ending date to match the header date to ensure clearing accruals to zero in the GL Detail.

  • This is based on whether cash or accrual-based Accounting practices are being used for Payroll.

• Do check that accruals have been cleared upon approving each Payroll JE to prevent a growing balance of uncleared accruals.

Bank Activity

• Do compare your Bank Reconciliation ending balance to the GL balance before period close.

• Do keep your deposit screen maintained to prevent a growing balance of undeposited funds.

• Don't wait until the end of the period to match Bank Activity.

• Do be thoughtful in how you create Bank Rules.

Period End

• Do close your periods after each period is reconciled and adjusted.

• Don't post transactions to closed periods.

GL Accounts

• Don't use Due To/Due From, AP, AR, Undeposited Funds, or Retained Earnings GL Accounts for line-item transactions or make them a Parent Account of any other GL accounts

• Don't post JEs to Retained Earnings because R365 will automatically move Net Income to Retained Earnings on the first day of a new fiscal year.

• Do use invoices, payments, and credit memos for all AP/AR transactions.