The New Year is just around the corner and there are a few year end procedures that you must perform in your system.

1. Follow your normal month end procedures.

Follow your normal month end procedures. Make sure everything is applied, do your statements, end of month roll, etc….

2. Inventory

5.6.9 End of Year Inventory Sales History Roll.

You cannot run this program until you are in the new CALENDAR year.  It works off of the current system date, which must be the in the new year to insert the correct year into the sales history files.  You will not lose any history from previous years by running this program.  It can be run with other users logged on, but there should not be any posting processes running during this procedure (i.e. posting invoices, component use entries, receiving entries, etc.).  This process will take approximately 2 minutes to 1 hour, depending on the number of part numbers you have on your system.

3. General Ledger

10.2.3 General Ledger Setup

Check the Year list in field 7. If the new year already appears in this list, then you need to remove it before you proceed to the Roll Program.  Do this by going to field 7 and pressing <Ctrl><C> to delete the year then hit enter. Then press the <\> key and enter to get to the bottom, and <S>ave the change.  The Roll program will add the new year back to the list.

8.4.5 End of Year Chart of Accounts Roll.

Run this program as soon as you start your New FISCAL year, which may or may not correlate to the calendar year.  You will need to make a manual journal entry to clear the Current Year Profit/<Loss> Equity account into Retained Earnings (or whichever account your CPA recommends).  This does not have to happen immediately, but some financial reports will be invalid for the new year until this entry has been made.  The End of Year program can be run with other users logged on, but there should not be any posting in GL during this procedure.  This procedure should take 1-2 minutes.

4. Payroll

You will need to manually update your Tax Tables and Unemployment percentages if necessary from the Circular E and other federal or state publications.  These programs are located in the Payroll Setup menu in Payroll.

Note: The Government might have changed the 1099 forms. If you print these forms please call us to download these changes.

If you need any assistance with these procedures, or have any other questions, please contact support:            (800) 766-7530