In addition to the month-end checklist tasks, you also need to complete a series of checklist steps at year-end. These tasks require you to print various reports and prepare General Ledger for the coming year. The year-end tasks compute the opening balances for the new year and should be run during the first month after the fiscal year end.
When working with General Ledger, you can use period 13/YY as a closing period. Using period 13 allows you to enter transactions that affect the year that just ended without altering the last General Ledger period.
Note: Period 13/YY can be used in Accounts Payable as well. For example, if you have Accounts Payable invoices that were entered after year-end, you could post them to period 13.
In addition, if you need to enter year-end adjustments in the General Ledger, you can enter them in period 13 to your yearly audit.
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Important! These tasks should be completed in the order listed.
Do this...
1. Print all journals for the last month of the year. Usually this is period 12/YY, 6/YY, or 9/YY. How
2. Review the journals and verify that all data for Cash Receipting, Payroll, Accounts Receivable, and Utility Management have been updated for the last month of the year.
3. Complete month-end General Ledger checklist tasks for the last month of the year.
Important! Do not proceed with year-end tasks until this step is complete.
4. Run Checkout for period 14/YY.
5. Run cash only automatic allocations for period 14/YY.
6. Rerun Checkout for period 14/YY.
7. Correct any errors using Recalculate, and run Checkout again for period 14/YY before continuing.
8. Print a working trial balance for period 14/YY for your auditor.
9. Print the Detail Ledger for the entire year.
10. Print a Financial Statement for the last month of the year for your auditor.
11. (Optional) If you like to maintain a hard copy of your journals, print all journals for the year from period 0/YY to 14/YY.
12. Back up your General Ledger data. How
13. Close the year. How
14. Run Checkout for the zero period of the new year.
15. Print the opening Trial Balance for the 0/YY period of the new year.
16. Print a Financial Statement for period 0/YY of the new year.
17. Review the Financial Statement for period 0/YY of the new year. Verify that the balances on this report match the balances on the Financial Statement printed in Step 10 for Period 14 of the prior year.
18. Review the Financial Statement budget amounts against the approved budget for the new year. Check for parentheses in the budget column to help locate possible errors. Correct any budget errors using the Enter Budget Amounts task.
At this point, your pre-audit year-end checklist tasks are complete. You should now stop and wait for your auditor to perform an audit of your organization's finances. When complete, you can proceed to your post-audit checklist tasks.
Once your yearly audit is complete, you need to complete your post-audit year-end tasks.
Do this...
1. When the audit is complete, use Enter Journal Amounts to enter any audit adjustments in the AUDIT journal for period 14/YY of the prior year.
2. Run cash-only automatic allocations for period 14/YY of the prior year. How
3. Run Checkout for period 14/YY of the prior year. Correct any errors and run Checkout again before continuing.
4. Print a final copy of the Financial Statement for period 14/YY of the prior years.
5. Print a final Detail Ledger for period 14/YY of the prior year.
6. Reprint the opening Trial Balance for period 0/YY of the new year.
7. Review the Trial Balance report. Verify that the balances on the Trial Balance report match the balances on the Financial Statement printed in Step 4 for period 14/YY.