Month-End Book Closing Process

Required Documents from UPS Store Owner for Monthly Financial Statement Preparation

The required documents for preparing monthly financial statements can vary depending on the type of business and whether online access is available to accounts such as banks, credit cards, and payroll. To ensure that UPS Store Businesses receive their monthly financial statements on time from Docyt's Accounts Manager, they typically need to provide the following documents.

  1. Bank and Credit Card Statements: 
    It is important to provide copies of bank statements and credit card statements for all business-related accounts. This helps ensure accuracy in the financial records and aids in the reconciliation of transactions. To streamline your financial management process and save time, we strongly advise providing Docyt with read-only access to your bank, credit card, and payroll reports. This will allow for the efficient handling of your financial records. For more information, click here.
  2. Employee Payroll Information
    If the business has employees, it is essential to collect payroll information. This includes keeping track of the number of hours worked by employees, their wages, any benefits they receive, and the taxes that are deducted from their earnings. This information plays a vital role in effectively managing the business's financial records and complying with tax regulations.
  3. Loan and Financing Statements:
    If your business has any loans or financing agreements, it is important to provide the necessary documentation. This includes statements showing the details of the loans, records of interest payments made, and any other relevant terms associated with the loan or financing agreement.
  4. Responding to Flagged Items/Transactions in Docyt:
    a. Account managers flag transactions in Docyt for the business owner's review when they are not easily understood based on their monetary value alone. For example, if check transactions lack sufficient descriptions, they need to be flagged. Providing additional details when replying to flagged transactions helps account managers accurately categorize transactions in the financial statements. It is important to use a format that clearly communicates the purpose of the transaction, such as "Office Supplies - Purchase for July," instead of simply writing "Expense." 

    b. Business owners should also provide information/ documents related to non-revenue check deposits and non-expense check withdrawals. These documents/information help the Account Managers properly categorize and record these transactions.
  5. Monthly Merchant Statements:

Merchant statements are an important tool for businesses that accept credit and debit card payments. These statements are provided by payment processors and summarize the financial activity related to these transactions. They include valuable information such as transaction volumes, fees, chargebacks, and deposits. By using merchant statements, account managers can easily reconcile payment processing activities and ensure accuracy in financial records.

To learn more about how to respond to document requests and flagged transactions, you can refer to the following article: How to Reply to Flagged Transactions and Document Requests