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Year End Procedures - Payables

The following is a checklist of steps to close your current fiscal 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 Fiscal Year-End Close moves everything but the 1099 YTD amounts into Last Year amounts. The Calendar Year-End Close transfers the 1099 Amount from the Year to Date column to the Last Year column in the Amounts Since Last Close view.

Note: To print this page, highlight the text, go to File | Print, and choose selection in the page range box.

Both Calendar and Fiscal

Calendar Only

Fiscal Only

 

Use this checklist if you are closing your fiscal year and your calendar year at the same time:

q    1) Post all transactions for the current year. You can enter future-period transactions as a separate batch, but do not post them until the year is closed. Print the Aged Trial Balance with Options Report to show the status of each Vendor Account. Go to Reports | Purchasing | Trial Balance | Aged Trial Balance with Options. This report should be kept with your permanent records as part of the audit trail.

q    2) Print the Vendor Period Analysis report. Go to Reports | Purchasing | Analysis | Period.

q 3) Make a backup of all Company data and name it Pre-1099Edits. (Goto File --> Backup)

q 4) Verify the 1099 information and edit it if required. Go to Tools | Routines | Purchasing | Print 1099 | Print (skip Tools if you're on version 7.x). To edit, go to Cards | Purchasing | Summary. Select the vendor and click Period. Select the period you need to change and on the 1099 Amount, type the correct value. Click Save. Print the corrected 1099s.

q 5) Make a backup of all Company data and name it Pre-yearend. (Goto File --> Backup)

q    6) Close All in the Payables Year-End Closing window. Mark the Print Report option to print the Payables Year-End Closing Report after the closing process is completed. This report lists the amounts that were transferred to Last Year Summary amounts for each Vendor. The Year-End Closing Report is part of the audit trail and should be saved with your Company’s permanent records. To close, go to Tools | Routines | Purchasing | Year-End Close (skip Tools if you're on version 7.x).

q  7) Close all fiscal periods for the Purchasing series (optional). Go to Tools | Setup | Company | Fiscal Periods. Closing the fiscal periods prevents posting transactions to the wrong period or year accidentally.

q  8) After you have completed the year-end closing procedures for all Sales and Purchasing modules, close the sales tax periods for the year. Go to Tools | Routines | Company | Tax Year-End Close (skip Tools if you're on version 7.x).

q 9) Make a final backup of all Company data and name it Post-yearend. (Goto File --> Backup.)Put it in permanent storage.

 

Calendar Year Checklist

Note: Although the Payables Management module is date-sensitive in Microsoft Great Plains version 7.0 and in later versions, the SmartList objects, the Payables Management summary reports, and the Amounts Since Last Close view of the Vendor Yearly Summary dialog box are updated based on the closing of the Payables Management module. Therefore, we recommend that you follow these steps so that the SmartList objects, the Payables Management summary reports, and the Amounts Since Last Close view of the Vendor Yearly Summary dialog box are correct.

q    1) Post all transactions for the current calendar year. You can enter future-period transactions as a separate batch, but do not post them until the year is closed. Print the Aged Trial Balance with Options Report to show the status of each Vendor Account. Go to Reports | Purchasing | Trial Balance | Aged Trial Balance with Options.This report should be kept with your permanent records as part of the audit trail.

q 2) Make a backup of all Company data and name it Pre-1099Edits. (Goto File --> Backup)

q 3) Verify the 1099 information and edit it if required. Go to Tools | Routines | Purchasing | Print 1099 | Print (skip Tools if you're on version 7.x). To edit, go to Cards | Purchasing | Summary. Select the vendor and click Period. Select the period you need to change and on the 1099 Amount, type the correct value. Click Save. Print the corrected 1099s.

q 4) Make a backup of all Company data and name it Pre-yearend. (Goto File --> Backup)

q    5) Close the Calendar year in the Payables Year-End Closing window. Mark the Print Report option to print the Payables Year-End Closing Report after the closing process is completed. This report lists the amounts that were transferred to Last Year Summary amounts for each Vendor. The Year-End Closing Report is part of the audit trail and should be saved with your Company’s permanent records. To close, go to Tools | Routines | Purchasing | Year-End Close (skip Tools if you're on version 7.x).

q  6) Close all fiscal periods for the Purchasing series (optional). Go to Tools | Setup | Company | Fiscal Periods. Closing the fiscal periods prevents posting transactions to the wrong period or year accidentally.

q  7) After you have completed the year-end closing procedures for all Sales and Purchasing modules, close the sales tax periods for the year. Go to Tools | Routines | Company | Tax Year-End Close (skip Tools if you're on version 7.x).

q 8) Make a final backup of all Company data and name it Post-yearend. (Goto File --> Backup.)Put it in permanent storage.

 

Fiscal Year Checklist

q    1) Post all transactions for the current fiscal year. You can enter future-period transactions as a separate batch, but do not post them until the year is closed.

q    2) Print the Vendor Period Analysis report. Go to Reports | Purchasing | Analysis | Period.

q 3) Make a backup of all Company data and name it Pre-yearend. (Goto File --> Backup)

q    4) Close the Fiscal year in the Payables Year-End Closing window. Mark the Print Report option to print the Payables Year-End Closing Report after the closing process is completed. This report lists the amounts that were transferred to Last Year Summary amounts for each Vendor. The Year-End Closing Report is part of the audit trail and should be saved with your Company’s permanent records. To close, go to Tools | Routines | Purchasing | Year-End Close (skip Tools if you're on version 7.x).

q  5) Close all fiscal periods for the Purchasing series (optional). Go to Tools | Setup | Company | Fiscal Periods. Closing the fiscal periods prevents posting transactions to the wrong period or year accidentally.

q 6) Make a final backup of all Company data and name it Post-yearend. (Goto File --> Backup.)Put it in permanent storage.

 

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Computer Resources, Inc. of Memphis - a Microsoft Business Solutions Reseller

Computer Resources, Inc.
901-382-1MEG (1634)

Serving Memphis, Mississippi, Arkansas, Tennessee, and the Mid-South 


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