In this section, we provide a few year end closing checklists for General Ledger, Accounts Receivable and Accounts Payable to help ensure that all procedures are processed and in the proper order. Note: these modules all begin with the following 2 steps:
- Backup your AR/AP/GL files and label them as “prior” to Year End processing.
- Make sure the AR/AP/GL system date is set to the last day of your fiscal year.
Accounts Receivable
3. Ensure all invoices and cash receipts have been recorded for the current year.
4. Apply finance charges to past due customers.
Note: if you answered "None" for "Finance Charge Computation Method" in A/R Set up Options, then continue.
5. Print statements for the appropriate customers.
Note: If you did not activate the "Customer Statements" option in A/R Set Up Options, continue to the next step.
6. Select "Period End Processing" from the Period End menu, and choose the Full Period & YE Processing option.
7. Select the reports you wish to print for the period. At minumum, we recommend Aged Invoice Report and A/R Trial Balance.
8. Complete year end processing, backup AR files, and label them as "after" YE processing.
4. Apply finance charges to past due customers.
Note: if you answered "None" for "Finance Charge Computation Method" in A/R Set up Options, then continue.
5. Print statements for the appropriate customers.
Note: If you did not activate the "Customer Statements" option in A/R Set Up Options, continue to the next step.
6. Select "Period End Processing" from the Period End menu, and choose the Full Period & YE Processing option.
7. Select the reports you wish to print for the period. At minumum, we recommend Aged Invoice Report and A/R Trial Balance.
8. Complete year end processing, backup AR files, and label them as "after" YE processing.
Accounts Payable
3. Ensure all invoices and checks have been entered and updated for the current year.
4. If your fiscal year coincides with the calendar year and your company issues 1099 Forms for vendors, then print, verify, and
clear the 1099 Forms.
5. Select "Period End Processing" from the Period End menu, and choose the Full Period & YE Processing option.
6. Select the reports you wish to print for the period. At minimum, we recommend Aged Invoice Report, A/P Trial Balance, and
Check History Report.
7. Complete year end processing, backup AP files, and label them as "after" YE processing.
4. If your fiscal year coincides with the calendar year and your company issues 1099 Forms for vendors, then print, verify, and
clear the 1099 Forms.
5. Select "Period End Processing" from the Period End menu, and choose the Full Period & YE Processing option.
6. Select the reports you wish to print for the period. At minimum, we recommend Aged Invoice Report, A/P Trial Balance, and
Check History Report.
7. Complete year end processing, backup AP files, and label them as "after" YE processing.
General Ledger
3. Make sure all activity and adjustments in modules integrated with General Ledger have been completed in the year to be
closed.
4. Print and update the Recurring Journals. Refer to the Recurring Journal section in the GL Manual.
5. Print the General Ledger Worksheet and log all essential adjustments.
6. Enter adjustments in General Journal Entry. This includes entries logged on the General Ledger Worksheet (above).
7. Print and update the Daily Transaction Register.
Note: The system will not allow YE processing to continue until after this step is performed.
8. Enter budget revisions through Budget Revision Entry and update the Budget Revision Register.
9. Go to G/L Options, confirm proper settings for these fields:
11. Print the General Ledger Analysis (not "required")
12. Update & print Custom Financial Reports (not "required").
13. Select, modify, and update the Allocation Journal.
14. Select Period End Processing, and choose the Full Period Processing option.
15. Select the reports you wish to print for the period. At minimum, we recommend Trial Balance, Standard Financial
Statements, and General Ledger Detail Report.
16. Complete period end processing, backup general ledger files, and label them as "after" YE processing.
closed.
4. Print and update the Recurring Journals. Refer to the Recurring Journal section in the GL Manual.
5. Print the General Ledger Worksheet and log all essential adjustments.
6. Enter adjustments in General Journal Entry. This includes entries logged on the General Ledger Worksheet (above).
7. Print and update the Daily Transaction Register.
Note: The system will not allow YE processing to continue until after this step is performed.
8. Enter budget revisions through Budget Revision Entry and update the Budget Revision Register.
9. Go to G/L Options, confirm proper settings for these fields:
- Auto Budget Option field is set to the option you want to create next year's budget.
- Number of Years to Retain in Transaction History
- Number of Years to Retain in Summary History. (Setting number of years to "1" will not retain history.)
11. Print the General Ledger Analysis (not "required")
12. Update & print Custom Financial Reports (not "required").
13. Select, modify, and update the Allocation Journal.
14. Select Period End Processing, and choose the Full Period Processing option.
15. Select the reports you wish to print for the period. At minimum, we recommend Trial Balance, Standard Financial
Statements, and General Ledger Detail Report.
16. Complete period end processing, backup general ledger files, and label them as "after" YE processing.
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