Monthly Tasks and Reports

If you are maintaining Daily and Weekly Tasks, wrapping up period end should be a simple routine with only 3 main components on the Monthly To-Do List. These include:

Bank Reconciliation

It is important to compare your bank statements against ledgers maintained in R365 and correct any justifiable differences to complete the bank reconciliation process. Note that only one unapproved Bank Reconciliation may exist for a bank account at a time so it is important to stay up-to-date or you could easily slip a period behind. Check out this article for helpful tips and how to complete a Bank Reconciliation.

Inventory

We discussed how to take and review an Inventory Count in the previous article – follow that workflow to verify item costs, then take and review the Inventory Count for each Location at the end of the period. It is ideal to take a full Inventory Count at least once per period, ideally on the last day of the period after closing (or the morning after, before opening). 

If you haven't started taking Inventory, begin by counting your key items. A key item is any single item that is over 3% of your total food and beverage spend within a period. You can easily find what items are key for each location by running the Item Cost Percent Breakout report.

Reviewing Reports

The reports listed below are four helpful reports to run at period end. These are by no means the only reports you should be reviewing but they are a great place to build a foundation upon before exploring the many reporting options R365 has to offer. We will continue to suggest more along our journey!

• Balance Sheet - This report shows the financial position of your company and has various reporting layouts so that you can compare details of GL Accounts for specific date ranges and Locations

• Profit and Loss - We know the P&L Statement is not revolutionary, but do you struggle with teaching managers how to read it? Send them this comprehensive manager guide on simplifying the P&L

• Actual versus Theoretical Analysis - Use this video after taking Inventory for a deep dive into how comparing line-item variances can save money

• Menu Item Analysis - Another operational report used to find opportunities to improve margins on Sales Items - check out this video to learn how to analyze your Sales. Another perfect report for a subscription!

Next Steps

• Set a routine to knock out the monthly To Do list by assigning tasks to Users in your Organization and follow up to ensure their timely completion

• Use the links on the DWM Checklist if you get stuck

• Begin analyzing the reports listed above

Check out the next article in this series for tips on Quarterly Best Practices.