Year End Procedures

Year-End can be a hectic time for all & it is fast approaching.  In many instances, we are tired from or preparing for the holidays.  Everyone is out of their routine & sometimes, performing tasks they only think about once a year.  Here is a brief summary of performing year-end in any ERP system.

Prior to performing year-end tasks:
1 - Post all receivables, payables & financial transactions.  Future dated transactions should be held off if possible until after the year has closed.
2 - Perform a stock count, send out customer statements & complete all reconciliations
3 - Make any adjusting entries needed.
4 - Print necessary reports to maintain in the companies permanent records for audit trail purposes
5 - Make a backup of company database before starting the year-end processes.

Ensure all users are out of the system when performing year-end processes.  Additionally, users are often given the opportunity to purge obsolete records during the year-end processing.  One should consult company policy & ensure local law reporting laws are followed prior to deleting any records.  Once complete, it is good practice to close old fiscal periods from posting to prevent any accidental postings.