Go live - one-time setup
- 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)
Regular tasks
- 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
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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
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Check open items monthly
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Import wages into Datev, import CSV file from tax accountant to Datev monthly
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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
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Enter travel expenses monthly
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Perform advance VAT return: Only via DATEV → no G/L account postings possible in xentral
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Reconcile bank account and xentral daily
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Enter liabilities daily
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Perform DATEV export and import data into Datev monthly
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Compare total sales, liabilities and revenues between Datev and xentral monthly (only after DATEV export)
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Reconcile account balance of Datev and xentral monthly at month-end closing