Oman / Daily and Month-End Routine
Daily and Month-End Routine
A short routine keeps the books right. Each step says what to do, where to do it, and why it matters.
Every week
| Check | Where | Why |
|---|---|---|
| Draft customer invoices | Invoicing > Customers > Invoices, filter Draft | The system keeps an invoice as a draft when stock is short or the lines do not add up to the printed total. A draft is not in the books or in the VAT. |
| Draft vendor bills | Invoicing > Vendors > Bills, filter Draft | A bill stays a draft when its purchase order is not received yet or differs from the bill. It is not in the books until posted. |
| Bank lines without a document | Invoicing > Accounting > Reconciliation | The system matches a bank line only when exactly one document fits. The rest waits for you. |
| Documents awaiting payment | Invoicing > Accounting > Reconciliation | Shows invoices and bills with no bank line yet. An old item may be unpaid, or its bank line may be missing. |
| Salary and Social Protection Fund payments | Reconciliation, with accounts 200103 and 200206 | There is no payment button. The payment enters the books when you reconcile the bank line. |
Draft invoices and bills
| Reason shown | What to do |
|---|---|
| Stock is short (customer invoice) | Add the missing stock (receive goods in Purchasing, or correct the count in Inventory), then click Post on the invoice. |
| Line amounts do not match the invoice total | Open the invoice and compare with the uploaded document. Fix the lines or ask the customer to upload it again. The check protects the books from a misread. |
| Nothing to invoice yet (vendor bill) | Receive the goods in Purchasing, then click Post on the bill. |
| Differs from purchase order (vendor bill) | The match is exact, with no tolerance. Ask the supplier for a corrected bill, or correct the order. |
Refused documents are not saved: a bill whose vendor is the customer's own company, and a foreign-currency bill with no exchange rate. See Vendor Bills.
Reconcile bank lines
- Open Invoicing > Accounting > Reconciliation > Bank lines without a document.
- For each line, pick the invoice or bill it paid. For a Social Protection Fund payment use account 200206 SPF Contributions Payable. For a salary payment use 200103 Employees Payables.
- Open Documents awaiting payment and look at the oldest items. Find out why they are still open.
When the same text appears again and again in the bank lines (a bank fee, a card payout), create a rule in Invoicing > Configuration > Bank line rules. A rule has a name, a sequence, a text pattern, a direction, a kind, a partner and an account.
Bank line matcher (same Configuration menu) opens a wizard for one direction. It shows a summary, proposed matches and groups of similar lines. Check them before you confirm.
Why: a bank line without a document is money you cannot explain. Clearing them every week keeps the VAT, the receivables and the payables right.
Post depreciation of fixed assets
- Open Invoicing > Assets > Compute Assets.
- Enter the end date of the period (month end, quarter end or year end).
- Run it. Then open Invoicing > Assets > Assets and check that the assets show the right status.
Why: the scheduled job for assets (Asset Management: Generate assets) is switched off, so depreciation is posted only when you run Compute Assets. Without it, the cost of computers and furniture stays in the first month's profit. See Fixed Assets.
Month end
| # | Do | Why |
|---|---|---|
| 1 | No draft invoices or bills left for the month | Drafts are outside the books and the VAT. |
| 2 | Bank lines reconciled | The bank balance in the books must agree with the bank. |
| 3 | Run Compute Assets to the month end | Depreciation belongs to the month. |
| 4 | Payroll batch confirmed, WPS file sent, payments reconciled | Salaries are due within 3 days after the pay period. The Fund contribution is due by the 15th. |
| 5 | Portal Inventory, Stock valuation: the difference to the books is 0.000 | A difference means a stock movement is not valued or not posted. |
| 6 | Portal Reports: VAT Position and Input VAT Check | Find VAT that may not be deductible before the quarter closes. |
| 7 | Download Trial Balance, Profit and Loss and Balance Sheet | The customer and the auditor see the same figures you checked. |
Quarter end
Prepare the VAT return, the withholding tax statement and the excise estimate if the customer sells excise goods. The steps are in VAT in Odoo. The VAT return and its payment are due 30 days after the quarter ends.
Year end
- File the income tax return within 4 months of the year end (30 April for a year ending 31 December). A 15% taxpayer attaches audited accounts. A 3% small establishment files within 3 months.
- Use the portal report Income Tax Computation. It gives the profit from the books, the adjustments, the taxable income and the tax. Items such as non-deductible expenses and losses brought forward are typed in.
- Run Capital Asset VAT Adjustment and VAT Refund and Partial Exemption for the year and enter the results in the VAT return boxes.
- Before the year is closed, the Balance Sheet shows a row Result to date (income less expenses) under Equity, so it balances.
- Lock the year (see below).
Lock dates
A lock date stops anyone from posting or changing entries dated on or before it. FiscFort does not set lock dates for you. After you file a VAT return, set the tax lock date to the end of that quarter. After the year is final, set the fiscal year lock date. Both are in the accounting settings. Why: a filed return must not change afterwards.
Audit Trail
Invoicing > Reporting > Management > Audit Trail lists changes to journal items, with the user and the time. Use it when you need to know who changed something and when.