The following is a checklist
of steps to close your current year and prepare the system for the new
year. If you need detailed instructions on any of the steps below,
please contact us at 901-382-1634.
The year-end routine can be run at a separate time for each fixed asset
book or it can be run for all books at the same time. However, this
routine must be completed before running any fixed assets processing for
the new year.
Note: To print this page,
highlight the text, go to File | Print, and choose selection
in the page range box.
Complete Payables Year-End.
2) Enter in all activity for the current
fiscal year. This includes additions,
changes, transfers and retirements.
3) Run depreciation on all assets through
the last day of the current fiscal year.
Process the GL Interface (GL Posting) routine by going to Tools |
Routines | Fixed Assets | GL Posting.
Run reports, specifically those that include year-to-date
depreciation amounts as that information is not saved for
previous/closed fiscal years. Some suggested reports are: Annual Activity, Additions, Retirements, Transfers, Depreciation Ledger,
Property Ledger, and Fixed Assets to General Ledger Reconciliation
the Quarters are set up correctly for all fiscal years. Go to Tools |
Setup | Fixed Assets | Quarters.
7) Make a final backup of all Company data
and put it in permanent storage.
8) Perform the Fixed
Asset Year-End Close routine by going to Tools | Routines |
Fixed Assets | Year End.