UPS Store® Monthly/Quarterly Revenue Finalization Checklist

Ensuring Accurate Revenue Accounting: A Step-by-Step Guide

To achieve a smooth financial closure at the end of each month or quarter, use the following checklist to navigate the necessary steps in Docyt:

Post All Deposits: Begin by confirming that all your deposits are accurately recorded.
Remove Non-Revenue Deposits: Certain deposits, such as an owner's business investment, do not qualify as revenue. While Docyt's AI may not always differentiate these deposits from regular ones, you can locate them in the Reconciliation Center. "Un-Verify" these non-revenue deposits to exclude them from QuickBooks. Additionally, it is advisable to set up an AutoPilot rule for large deposits, which mandates manual review before being recognized as income.
Verify New Revenue Deposit Types: Docyt's AI may not yet be trained to recognize certain types of revenue deposits. To address this, review any "un-verified" credit transactions in the Reconciliation Center. If they are valid, select "Verify" to push them to QuickBooks. This action helps train Docyt's AI for future recognition.
Post All House Account Invoices and Payments: Check for any House Account invoices or payments that haven't been posted to QuickBooks due to errors. You can find these items listed in the "QuickBooks Connection Center" module of Docyt. Rectify any errors and re-sync them accordingly.

By diligently following this checklist, you can ensure accurate revenue tracking and achieve a seamless financial closure.