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Fiscal Year End Close
This list is provided as a tool to assist with closing your accounting system. As all systems are different, contact us before attempting any steps with which you are not familiar. We can provide a more specific list for many accounting packages. Note: Most accounting packages clear data based on system set up options during period end processing. Check the software options before closing any periods. If you have any questions or concerns, ask first! Make a special backup before each module close! This list is in the typical closing order but may vary by package — some sections include items you can start on TODAY!
Inventory
q
Post all transactions for the
period. q
Reconcile Inventory quantities.
q
Complete a physical inventory
count, if appropriate, and post any adjustments. q
Print the Inventory Valuation
Report and other desired reports. Check for accuracy! q
Make a backup. q
Close the period.
Payroll
q
Complete all Payroll transactions and processing for
the period. q
Print all necessary reports for
matching to the general ledger. q
Make
a backup. q
Post
Transactions. Accounts
Payable
q
Enter all
transactions for the period. q
Post transactions.
Print and verify the Aged Accounts Trial Balance report.
q
Make a backup.
q
Close the period.
Accounts
Receivable
q
Post all transactions for the
period and complete month-end procedures. q
Print and verify the Aged Trial
Balance and any other desired reports. q
Make a backup. q
Close the period.
Other
Modules
It
is essential to close any other modules you may have.
Examples of other modules that may require closing procedures are Bill of
Materials, Work Order Processing, Manufacturing, Supply Chain Management, and Project Tracking. If unsure of the
order or what requires closing, please call us or your software provider.
General
Ledger
q
Make sure to keep new period
and prior period information separate. Most packages allow you to start a new
period without closing. Make a backup before starting new period transactions! q
If the General
Ledger is integrated with other modules, complete the closing and posting
procedures for all other modules. (Caution: Some accounting packages require modules
be closed in a particular order.) q
Make sure all
entries are made for the period. Enter accruals, depreciation, and other
period-end adjusting entries into the General Ledger. q
Post Journal
Entries. q
Generate and review
the trial balance and financial statements.
q
Print the necessary
audit trail reports, including a Detailed Trial Balance, and other desired
financial reports. (At a minimum,
your tax preparer will need a detailed general ledger, trial balance, and
financial statements.) q Make a backup. q Close the period.
If your fiscal year is on a calendar year, you need to complete the calendar year end checklist at the same time. Go to Calendar Year End Checklist.
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2008 AcCounting OnComputers
Incorporated.
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