Checklist for accounting

Connect bank, create credit cards and bank accounts in advance and post accordingly. Subsequently reconcile balances with bank

Create chart of accounts in xentral for preliminary account assignment of invoices

Adjust auxiliary accounts for sales revenue

Link products with G/L accounts

Possibly set up numbering of customers and vendors

Define in master data where the customer is located (EU, third country, domestic), link to sales accounts (customer/vendor number corresponds to account number)

Make DATEV connection (important if in Germany)

Decide for UO or export as CSV

Define number ranges for invoices and credit notes (if necessary per project)

Post bank and credit card (bank statement) daily - Incoming and outgoing payments (depending on the size of the company)

Start direct debit monthly → select whether all or only some (Payment Transactions module)

Execute payment run for payables weekly (Payment Transactions module)

Create credit notes, set up repayments, check double payments from customers, correctly allocate bank statement daily

Carry out cost center posting regularly - create cost centers in xentral and Datev once in advance for posting (also in Datev Cost Center module) → Assign correctly, e.g. by department

Check open items monthly

Import wages into Datev, import CSV file from tax accountant to Datev monthly

Post prepaid expenses monthly (from costs for one year divided to individual months) → relevant for larger customers, high invoices

Enter fixed assets in Datev, in xentral only assign G/L account (rather done by tax consultant)

Post accruals monthly if desired

Check expense and income accounts (P&L) monthly.

If credit note from 2020 to be reversed (in Germany) → pay attention if 16 or 19% VAT, sales accounts automatic accounts (only domestic) → change date to old year, check once

Check: Assign cost centers correctly, assign correct balance sheet accounts monthly.

Check creditors, debtors monthly in Datev

Execute dunning weekly

Start invoice run weekly from xentral

Assign invoices to receivables (contribution reduction, change of number) weekly

Carry out cash posting weekly

Enter travel expenses monthly

Perform advance VAT return: Only via DATEV → no G/L account postings possible in xentral

Reconcile bank account and xentral daily

Enter liabilities daily

Perform DATEV export and import data into Datev monthly

Compare total sales, liabilities and revenues between Datev and xentral monthly (only after DATEV export)

Reconcile account balance of Datev and xentral monthly at month-end closing