Give users a step by step process to prepare for year end.
1. Period 12 may be closed to restrict posting to that period (9-1-5-1).
If period 12 is not closed separately, the period 12 month-end routine is completed during the year-end process.
2. Add as many periods to the Control Record as needed to complete the year end verification (9-6-13)
This will enable everyone to continue working in the next period without closing the year. If additional periods are not added, invalid transactions with a period of XXYY will result. Any transactions with a posting error should be reported to the Support Department as soon as possible.
3. Verify that all protected account information is correct
Make sure all payables, receivables, payments, checks, inventory, floorplan, deals, work orders, and payrolls have been entered and posted in period 12 as needed. Also verify that all bank deposits have been updated and the bank reconciliations have been done. Process all sales tax. Record all adjusting journal entries. Remember that only journal entries to non-protected accounts can be made to that year once it is closed. Reconcile the Big 4 (AP, AR, Inventory, and Floorplan) to the Balance Sheet.
4. Verify that all necessary general ledger accounts exist (9-3-2 to view your chart of accounts. 9-1-1 to create any new GL accounts.)
A general ledger account cannot be added for a year once the year is closed. Make sure all adjustment accounts for journal entries are in place before closing the year.
5. Verify Parts Value to GL Value
Reconcile the Parts Value Report (3-3-9) to the general ledger balance after the parts year-end routines have been performed.
6. Move Parts Sales History (3-7-11)
This routine is mandatory and MUST only be completed on the last day of the fiscal year end (not the last day of the calendar year unless they are one and the same). This routine moves the parts sales history from the current year to the previous year as displayed in 3-2-6.
7. Post transactions (9-1-3)
8. Review the Balance Sheet (9-3-3)
Review the Service Labor Payable account to verify that the service technician payroll is posting correctly. Review the Salaries/Wages/Commissions account to verify that the salesman payroll is posting correctly. Review the Sublet Payable account to verify that the sublet work is being billed correctly. Review the Deferred Parts Liability account to verify that the parts and purchase orders are being received into inventory correctly. Review the License Payable account to verify that the license fees are being paid correctly. Verify that all accounts have reasonable balances.
9. Review the P&L (9-5-3)
Verify that the income and expense accounts look reasonable. Review any accounts that have an incorrect balance (such as an expense account with a credit balance or an income account with a debit balance) to verify correct posting.
CLOSING THE FISCAL YEAR
** These will print only if the printer is set up to print. If you opt not to have these report to print out, even though the routine notes they will you can click on your Tools ->Setting and then click on tab 8 Printer. You can select to disable printing, but if you do, please make sure you change your setting back after the year has closed.
1. YEAR END CLOSE ROUTINE (9-6-1)
2. JOURNAL ENTRY FOR LAST YEAR (9-6-3)
*** When in the 9-6-3 if you need to get out of this screen prior to making an entry, please continue to hit enter until you return to the MISC routine menu. By hitting enter through this screen you will release the posting lock that is automatically set once you go into the 9-6-3 screen.