Year-end steps

 

This topic lists the recommended steps for completing a year-end.  Run the year-end program when you are ready to enter transactions for the next financial year.  The year-end program makes a copy of your general ledger transaction details and adds one year to your current financial year date range.  Your financial year date range is set in System Settings and is used by transaction entry programs, by reports and by the year-end program itself.

 

You cannot enter transactions for the next year until you have run the year-end program, but you can enter transactions for the previous year - most data entry programs enable you to enter transactions directly into the previous year by providing a password after entering a prior year date.  The password is to prevent transactions accidentally entered into the previous year.

 

Year-end procedures include the daily work such as adding new clients/matters, entering transactions, performing a backup and printing the System Balance and File Health reports, as well as specific year-end steps such as printing reports.  If you enter transactions on a regular basis, the year-end steps can be completed quickly and easily.

 

You cannot enter transactions for the next fiscal year until you complete the year-end procedures for the current year.

 

Use this list as a guideline only.  Review these steps and customize your procedures to suit your firm.  Watch a tutorial on year-end procedures.

  1. Ensure all data entry for the year is complete.  You can enter transactions for the prior year if adjustments are necessary after completing the year-end, but if you do so it will be necessary to reprint your year-end reports.

  2. Enter adjusting journal entries, including bank adjustments if necessary.

  3. Print the System Balance and File Health reports.  If the system is out of balance, read Correcting problems with the System Balance report.  If clients/matters are listed on your File Health, read Correcting problems with the File Health report.

  4. After ensuring your system is in balance, print your year-end reports.

  5. Perform a backup.

  6. Select Year-End from the Month/Year-end menu.

  7. Enter the year-end date and confirm that the new financial year date range is correct.

  8. Click Proceed image\done16x16.gif.

  9. Set your new default posting month.

 

You are now ready to enter transactions for the new year.  Complete bank reconciliations when you receive your bank statements.  (Bank statements often do not arrive until well into the next month.)