faq:how_to_complete_a_yearend
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speedy:faq:how_to_complete_a_yearend [2010/05/04 08:56 (14 years ago)] – created mrobosa | faq:how_to_complete_a_yearend [2021/03/12 14:46 (3 years ago)] (current) – tanya | ||
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- | ==How to Complete a Year End== | + | ====== Year-End Procedure |
+ | See [[https:// | ||
- | Contrary to popular belief, | + | Contrary to popular belief, |
+ | System Five allows you to post into the previous financial year and reprint all your accounting reports for a prior period. For example, on June 15 you can reprint the Balance Sheet, Income and Expense Statement, Aged A/R, and Aged A/P reports for December 31 of the previous year. Some other accounting systems allow you to reprint the Balance Sheet and Income and Expense Report, but very few allow you to reprint an Aged Accounts Payable report for a prior period in time. Even if the bills are now paid, System Five reports on the status of each customer and supplier for previous dates you will specify. | ||
- | SpeedyPOS allows you to post into the previous | + | Inventory, however, is more complicated. Print the Inventory Stock and Landed Report at the end of the last business day of your financial year after you have received all the stock and entered |
- | Inventory however, is more complicated. Print the Inventory Stock and Landed Report at the end of the last business day of your financial year after you have received all the stock and entered all the sales for the day. This is the most accurate report of the value of inventory on hand at the end of the year. Once you have printed the Inventory Stock and Landed Report, you can advance the financial year and continue selling at the point of sale. | + | ===== Recommended Procedure to Complete Year-End ===== |
- | Near the end of your financial | + | **1. Count the Inventory** \\ |
+ | In the days and weeks before your year-end, count your inventory, and adjust the quantities. We recommend checking one sub-category per day to not create too much work on the last day of the year. If you are spot-checking | ||
- | 1.Count the Inventory | + | **2. Add/ |
- | In the days and weeks before your year-end, count your inventory | + | Ensure that all the inventory |
- | 2.Add/ | + | **3. Close all the Sales** \\ |
- | Ensure | + | This is to ensure |
- | 3.Close all the Sales | + | **4. Print the Inventory Valuation Reports** \\ |
- | This ensures | + | Print the reports |
- | 4.Print the Inventory Valuation Reports | + | **5. Backup |
- | Print the reports | + | This is one of the most important steps. Create a backup of your data that can be restored if you have forgotten anything. If the inventory |
- | 5.Backup | + | **6. Advance |
- | This is one of the most important steps. Create a backup that can be restored if you have forgotten anything. If the inventory reports later look incorrect, you'll be able to check the detail if required. Keep this backup safe and secure. | + | This step sets up the next year so you can continue selling and doing business. Go to [[https:// |
- | 6.Advance the Financial Year | + | **7. Keep working and do not get behind** \\ |
- | This step sets up the next year so that you can continue selling | + | Now that you are in a new financial year, it is most important to keep up-to-date on all your daily work such as creating new invoices and bills. Bills that are for inventory received in the previous |
- | 7.Keep working and do not get behind | + | **8. Check the Inventory Value** \\ |
- | Now that you are in a new financial year, it is most important to keep up-to-date on all your daily work such as creating new invoices and bills. Bills that are for inventory received in the previous year should be posted back into that previous year. Bills that are for inventory | + | Once you have received |
- | 8.Check the Inventory Value | + | **9. Print and Check the Balance Sheet** \\ |
- | Once you have received all the bills for inventory received in the previous year, print a Balance Sheet and compare | + | Check is the Proof at the bottom |
- | 9.Print and Check the Balance Sheet | + | **10. Print and check the Income and Expense Report** \\ |
- | Check is the Proof at the bottom of this report. It should be zero. Common accounting principles dictate that the Assets | + | The total net profit in the year-to-date column |
- | 10.Print and check the Income and Expense | + | **11. Print and Check the Aged A/R Report** \\ |
- | The total net profit in the year-to-date column | + | The Aged A/R report shows the total amounts owed to you by each client at the end of the year. The total amount owing at the bottom |
- | 11.Print and Check the Aged A/R Report | + | **12. Print and Check the Aged A/P Report** \\ |
- | The Aged A/R report shows the total amounts owed to you by each client at the end of the year. The total amount owing at the bottom | + | The Aged A/P report shows you the total amounts owed to each supplier and should |
- | 12.Print and Check the Aged A/P Report | + | **13. Send reports to your Accountant** \\ |
- | The Aged A/P report | + | Send copies of the Balance Sheet, Income and Expense Report, |
- | 13.Send reports to your Accountant | + | **14. Final Adjustments** \\ |
- | Send copies of the Balance Sheet, Income and Expense Report, Aged A/R and Aged A/P reports to your accountant. They may also request | + | When your accountant |
- | 14.Final Adjustments | ||
- | When your accountant is done, you will get a list of adjusting entries for depreciating some of your assets and other calculations that are important. Create a journal entry for each of these and post them to the last day of the previous financial year. That's it, you're finished. | ||
- | Technical Support | + | ===== Closing of Minimum Book Month ===== |
+ | **[[https:// | ||
+ | |||
+ | The Minimum Book Month prevents users from editing posted entries (Invoices, Journal Entries, etc.) that have occurred before the minimum book month. Also, it will change the " | ||
+ | |||
+ | To advance the Ledger Book Month select the following menu path: General Ledger > [[https:// |
faq/how_to_complete_a_yearend.1272988590.txt.gz · Last modified: 2010/05/04 08:56 (14 years ago) by mrobosa