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Year End Procedures
Accounts Payable- Upon running AP89 for period 12, YTD Payables statistics will automatically be rolled from This Year to Last Year fields. You are not required to perform any special tasks.
Accounts Receivable
- Upon running AR89 for period 12, the Record of Collection statistics will automatically be rolled from This Year to Last Year fields. You are not required to perform any special tasks.
- There are specific steps to follow to close a fiscal year in the General Ledger system. For period 12, you are allowed to close period 12 twice: once for the pre-auditor's adjustments and again for post-auditor's adjustments. This is optional. If you wish, you may simply leave Period 12 open until all adjusting entries are posted and then do a single Final closing for Period 12 (do step 1, Print Period 12 Financials and then skip to step 5).
- Note: The downside to this approach is detail transactions for periods 01-11 are in the Yearly History file (viewed by GL46 or GL92) but the period 12 transactions are still in the Collector File (viewed by GL45 or GL81). The upside to this approach is you can post adjustments, run GL81-Preliminary and print preliminary financials as many times as you want until you are ready to do the final close of period 12.
- The steps listed below describe a double period 12 closing:
|
Step |
Program |
Description |
1 |
GL81 |
Run GL81-Final to close period 12 as normal. Period 12's transactions will be moved into the Yearly History file. GL46 and GL92 will now report a full year's postings for each account, which is particularly helpful when analyzing an account. The full year's transactions are in one place. |
2 |
GL51 GL52 |
Print pre-audit financial. |
3 |
GL30 GL31 |
Post auditor's adjusting entries. Special Note: Although you are able to run another GL81-Preliminary, preliminary financials between the two FINAL runnings of GL81 will not reflect the post-auditor's adjustments. After you post adjusting entries you can check the balance of applicable accounts via GL45 or GL50. Once all adjusting entries have been posted, then proceed to the next step. |
4 |
GL81 |
Run a second GL81-FINAL to officially close off period 12. DO NOT run another PRELIMINARY for period 12. Only the adjusting entries will be reported; they will be added into the period 12 closing balances. |
5 |
GL51 GL52 |
Print Final copy of financials for fiscal year closing. |
6 |
GL92 | If desired, run GL92 to print a hard copy listing of all GL transactions by account for the fiscal year just closing. GL90 will clear the Yearly History file so it must be printed prior to running program GL90. |
7 |
GL90 |
Run to close the fiscal year. This program rolls Current Year balances to Last Year fields and closes P&L accounts to the Retained Earnings account. The closing entries will be reported; they will be dated using the period end date of period 1 of the new fiscal year. |
8 |
CC90 | Enter the fiscal period end dates for your next fiscal year into the Next Year column. |
| Special Note: It is expected that period 12 will be left open for several months into the new fiscal year awaiting your auditor's adjustments. In the interim, you may use the "Reporting Future Periods" programs (GL72-GL76) to obtain financial for the new fiscal year. | ||
Inventory Control
- There are no mandatory jobs to be run at year end.
Order Entry/Invoicing
- There are no mandatory jobs to be run at year end.
Purchasing
- YTD Units/$ received by product are updated when receipts are processed. They are displayed by IC45 (folder C3) and reported by program PO82. Program PO89 must be run to transfer Year to Date Receipt History statistics to Last Year fields.
- Note: This must be done before you enter any receipts for the new year.
Sales Analysis
- Upon running SA89 for period 12, the Current Year statistics will automatically be rolled into the "Last Year" fields. You are not required to perform any special tasks.
