Ideal Online Documentation

14376 T/T PROCEDURES
TT1-04 Period End Processing

 

SUMMARY

 

Prior to running any month end reports ensure that all posting of transactions for the current month have been updated.

 

The trust accounting month end routine consists of running the following programs in this order:

  • Syatem balancing test (see 14414 SYSTEM BALANCING TEST).*
  • Trust liability report (see 14418 TRUST LIABILITY REPORT).
  • Trust detail report (see 14417 TRUST DETAIL REPORT).
  • Trust statements (see 14419 TRUST STATEMENTS).
  • T5 reportable interest report (see 14415 T5 REPORTABLE INTEREST REPORT) year end only.
  • Month end purge (see 14382 MONTH END PURGE).*

The programs marked with * are required to make sure your trust accounting system is in balance and to carry all account balances forward into the next month. The other programs are reports that provide an audit trail for trust accounting activity for the month ending. You may print any or all of these to suit your specific requirements. The T5 reportable interest report provides information required to complete T5 forms.