Monthly or Periodic Closers
If you are closing your books monthly/periodically in Margin edge, use this cheat sheet to make sure you are on top of all things MarginEdge and your financial information flows seamlessly into your accounting system. A few minutes a day keeps the [me] doctor away…
PRO TIP: Give yourself 5 days following the official close of your period to finish the close in your accounting system and produce any reports Once it’s closed in MarginEdge, you can trust the numbers won’t change while you are finalizing everything in your accounting system.
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Input your Close Books Date | You need to enter the new date into MarginEdge for each closing period. Remember to use the last day of your period. | Monthly. Be sure to update this date at least a few days before your period ends. The date should not be set retroactively. |
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Review New Item Review Report | Integrity of the product database is the foundation on which all [me] reports are built. If products are not correctly assigned and the conversions are not quite right, you could potentially see:
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We recommend doing this daily. Stretched for time? We recommend at least reviewing this once per week, or before Inventory is being counted, to ensure the conversions and item valuations are correct |
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Approve Invoices (only if using this feature) | Approving your invoices is the final step to closing them out and allowing them to be available for reporting and exporting. | We recommend doing at least weekly, but preferably daily, to ensure all invoices are closed and available for export to close your books. |
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Export Data | Ensure your accounting system is updated with all invoices processed/paid through MarginEdge, plus all sales entries, transfers and commissary orders. |
If set to export automatically, review weekly for any errors and/or keep an eye on your Weekly Snapshot email. If set to manual, review daily. PRO TIP: Review this screen each week before you pay your vendors to ensure your accounting system = [me] |
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Close out Commissary Orders (Mark as Shipped) | We strongly recommend this is done on the day the items arrive in the restaurant. There is currently no functionality to be able to bulk change these dates to backdate deliveries. (Ask us if you want to enable auto-ship on these orders.) | Daily! Managing this in a very timely manner will help ensure accurate cost reporting. |
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Post Inventory Adjustment | Review all reports to ensure counts are correct before posting.
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Monthly/Periodically, before you close your books. |
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Close Books (Yay!) | Final step in your Monthly close out process! |
Once you have confirmed:
Go ahead and close those books down! |