How to Get Ready for Your Year-End

When you are preparing for the calendar year-end closing in your ERP, there are three main modules you need to close before January or before doing any transactions in the new year.  These modules and functions are below in detail.

1. Payroll: when coming to a year-end and using your ERP for payment processing you must know when your final payroll run is for the current year.  Once you have run your last payroll for the current year, there are some steps that need to be completed before running your first payroll in the next calendar year.
   1. Install the latest 2015 payroll tax update.
   2. Complete all pay runs for the current year.
   3. Complete all month-end, period, or quarter-end procedures for the current year.
   4. Make a backup of the original file.
   5. Install the Year-End Update.
   6. Create the Year-End file.
   7. Make a backup of the new file.
   8. Verify W2 and 1099R statement information.
   9. Print the 1099 R forms and the 1096 transmittal form.
   10. (optional) Create the W2 electronic file.
   11. (Optional) Archive inactive employee HR information
   12. Set up fiscal periods for 2016.
   13. (Optional) Close fiscal periods for the payroll series for 2015.
   14. Install the payroll tax update for 2016.
2. Accounts Payable (AP): Even though AP is not a date sensitive module, you still must close this for the calendar year to produce 1099’s for vendors. Below are the steps to follow for this:
   1. Post all transactions for the calendar year.
   2. Print the Aged Trial Balance with Options report.
   3. Make a backup that is named “Pre-1099 Edits.”
   4. Verify the 1099 information and modify it if it is required.
   5. Print the 1099 statements.
   6. Make a backup that is called “Pre Year-End.”
   7. Close the Calendar year.
   8. Close the Tax year.
   9. Make a backup that is “Post Year-End.”
3. Inventory: How to close and prepare your inventory records for the new Fiscal year are shown below:
   1. Post all transactions for the year.
   2. Reconcile inventory quantities.
   3. Complete a physical inventory count, and then post any adjustments.
   4. Print additional reports.
   5. Make a backup.
   6. Close the year.
   7. (optional) Close the fiscal periods for the inventory series.
   8. Make a final backup.

There are other steps to take and modules to close before you have successfully closed your Year-End. Colleen will be releasing a Year-End training video this week to showcase all the steps! Don’t miss it! ***Steps taken from Microsoft support

[avatar user=”CWilliams” size=”thumbnail” align=”left” /]COLLEEN WILLIAMS | COO/ Consultant Lead

Colleen graduated with a Bachelor of Science Degree in Accounting from California State University San Bernardino.  She has extensive accounting experience over the past years working as a staff accountant and controller.   Colleen has over 10 years Great Plains experience and over 6 years of working with BI360, which includes many implementations for public and private companies.  She also has extensive experience with Business Intelligence, budgeting and report writing while working on BI360, QuickBooks, Oracle, PeopleSoft, Timberline and Solomon.  Colleen has worked in various industries that include: real estate, property management, timeshare sales, publishing, and insurance.  These various industries have given her the necessary experience to handle large company consolidations and report writing, budgeting and forecasting, project accounting, sales invoice processing, and fixed assets.