Best Practice Workflow for Accounts on Navigator

This structured workflow ensures all financial activities are accurately recorded, reconciled, and reported, promoting smooth month-end and year-end processes.

Part 1: Daily Accounts Tasks

• Review Reconcile Reports

  • Check regularly for any financial imbalances (discrepancies).

  • Resolve known issues yourself, or contact the Help Desk immediately for guided assistance with corrections or system faults.

• Process Daily Takings

  • Collect takings from all departments.

  • Process the daily takings journal on Navigator (via manual journal or spreadsheet import).

• Clear Tills & Link Nominal

  • After posting daily takings, ensure all tills are cleared.

  • This step is critical for identifying any amounts incorrectly cleared to tills instead of the bank account.

• Post & Reconcile Cashbook

  • Ensure all cashbook entries are posted and reconciled daily.

Part 2: Weekly Accounts Tasks

• Close Vehicle Deals

  • Review and close all vehicle deals from the previous week.

  • Note: Pay close attention to new vehicles due to potential pending costs (e.g., bonuses).

• Review Work in Progress (WIP)

  • Ensure all internal work is released correctly and processed in a timely manner.

• Allocate Internal Costs

  • Allocate internal costs for vehicles if you are using a manual process.

• Update Purchase Ledger

  • Ensure the Purchase Ledger is current and all supplier invoices and credits are entered and up to date.

• Review Vehicle Debtors

  • Regularly check that all vehicle debtor accounts are current.

Part 3: Monthly Accounts Tasks

A. Pre-Closure Checklist

• Close All Deals

  • Ensure every deal is closed, using accruals for any pending costs to facilitate closure.

  • Double-Check: Run a scheduled Nominal Report on the Sales Suspense nominal code. This code should be empty if all deals are closed correctly.

• Reconcile Cashbook

  • Verify the cashbook is fully up to date and reconciles with both the Bank Statement and the Nominal Accounts.

• Review & Reconcile Vehicle Debtors

  • Action any outstanding items and reconcile the total back to the relevant nominal account.

• Reconcile VAT Return

  • Ensure the VAT return figure reconciles with the Nominal Account balance.

  • Also check: Verify that deposits reconcile with the Nominal and Debtors reports in Vehicle Admin.

• Review WIP

  • Ensure all items that can be invoiced off and released have been processed.

B. Month-End Processing

• Post all necessary Month-End Journals (wages, accruals, prepayments).

• Post Vehicle Write-Backs.

• Complete the Purchase Ledger Payment Run.

• Reconcile Petty Cash.

• Distribute Statements as needed.

• Run Month-End Reports: Crucially, run all necessary month-end reports now, as backdating is not possible.

• Prepare Management Accounts.

• Download the Composite Export from Navigator and import it to formally complete the month-end process.