Once again we are approaching the close of the calendar year. Year-end directly affects all companies whether they operate on a calendar year end or a fiscal year end with a date other than December 31st. At a minimum, most companies have to file W-2’s and 1099’s. For many, this will mean downloading Payroll Tax Update Plans (PUP), installing files, printing and properly filing these taxes in a timely manner.
Year-end in each software package has a different closing approach. SAGE has documented the procedures in the electronic manuals that come with the software. At AXIS, we can also provide a detailed user friendly supplement on “How To Perform Year End Procedures” for the SAGE ACCPAC ERP (Advantage Series) product line for $75. This manual includes detailed procedures for general ledger, accounts receivables, accounts payable, inventory, order entry, purchase order and payroll. We have attached a sample listing of closing procedures for accounts payables as an example of the content contained in this manual. Additionally, our consultants are available and will be happy to assist you with year-end processing for your company. For those of you interested in this manual, please e-mail us at firstname.lastname@example.org.
Each company whom has accounting software will have a slightly customized closing process. Not all companies have the same modules installed. Year-end procedures for any company should generally take on the following order:
1. Backup current system and databases.
2. Install and patch all program files to the latest builds of your software version before applying tax patches.
3. Install payroll tax update files
4. Print W-2’s and / or file electronically
5. Print 1099’s and / or file electronically
6. After W-2’s and 1099’s are printed then modular year-end or month- end closings can begin.
7. Close out Purchase Order Module and perform periodic processing.
8. Close out Sales Order Modules and perform periodic processing.
9. Close out Inventory Control and perform periodic processing. (Note: All fiscal inventory maintenance should be complete before starting this process. If running manufacturing processing, Manufacturing Modules should be closed prior to running year-end in Inventory Control.)
10. Close out Project and Job Cost and perform periodic processing.
11. Close out Payroll and perform periodic processing.
12. Close out Bank Services and perform periodic processing.
13. Close out Tax Services and perform periodic processing. (Note: Tax Schedules for Sales Taxes are downloadable from your local state government.)
14. Close out Accounts Receivable and perform periodic processing.
15. Close out Accounts Payable and perform periodic processing.
16. Close out General Ledger and perform periodic processing.
17. Backup current system and databases after completion of year-end or month end.
In the event that your company takes on the year-end process by itself, please be sure to make a complete backup your databases before proceeding with installation of any new products or updates.