Glossaries

There are two types of month ends, namely a Debtor's month-end and a Financial month-end. A practice will use both if the practice uses the full financial module of GoodX, otherwise, the practice will only use the Debtors month-end. 

The month-end prevents that users can post transactions in previous financial periods, which would result in reports changing - not a good thing.

Some practices' financial periods are from the 1st of the month until the end of the calendar month (30/31st), other practices will work from the 26th till the 25th of the next month.

Process for a Month End

1. Finalise all the debtor transactions for the financial period
2. Do the first month-end through the MedDebs module or GoodX Manage module in the GoodX system
3. Finalise all the Debtors journals, Interest, Creditors (Invoices, Payments, and Corrections), Import Bank statements, Main and Auxiliary Cashbook reconciliations and Stock adjustments
4. Do the financial month-end through the Financial module in the GoodX system
5. Draw the monthly reports.

Debtors Month End

A Debtor's month-end is when the Debtors side is closed for all invoices and receipts. No invoices or receipts can be posted to debtors accounts into the previous period after the month-end has been done. All invoices or receipts that were not posted, will be posted into the current financial period with their transaction date (service date) when the patient received the service or goods.

The Debtor's month-end must be done as close as possible after the last day of the financial period. 

Financial Month End

A Financial month-end is when the financial books are closed for a specific period and no transactions can be posted into that financial period.

This allows the practice to make corrections and post any Creditors and Financial transactions that happened in that financial period before the reports are submitted to the auditors, SARS or VAT is paid.

The Mont End Log will display the Month Ends that were done on the Entity and who did the Month End.

Please refer to the Month End glossary for more information on the two different types of Month Ends.