UDS Active Accounting 5.1 (Windows) Year End Procedures (2001)

General Information:

We would advice that you make a copy of the database you are using before beginning any of these yearend procedures.  This will allow you to easily revert back to the data before the yearend was run.

Billing: - Either end of Calendar or Fiscal Year

1)    Make sure you run any inventory reports you need that have the Shipped This Year field on them. 

2)    Make sure you have entered and posted any invoices and payments you wish to be in the current year so the General Ledger Transactions are created.

3)    Once all the reports have been printed, click Reports, Accounts Receivable, and Customer-Inventory Yearend.  This is the Billing Year End Procedure.  It moves the Shipped This Year to the Shipped Last Year and zeros the Shipped This Year in the inventory.  Also it moves the Purchases This Year to Purchase Last Year and zeros the Purchases This Year in the customer file.  Also does the same for Accumulated Service Charges.

4)    You may wish to do a physical inventory and update the on hand quantities.

5)    This concludes the Billing Year End Procedure.

Payroll:  -  End of Calendar Year

1)    On the last payroll cycle of the year, make sure you check the Close Month, Quarter, and Year options on Begin Payroll Cycle.  This will move the current year’s information to a quarterly table when check print is completed.  From this table you will print the W2s and any quarterly reports you need.  Do not do this twice or you will lose your yearend information.

2)    If you do not close the year on the last payroll cycle you must close it before you run the first payroll of next year.  To do this you must run Begin Payroll Cycle and check the Close Month, Quarter, and Year options.  Then run Check Register, then Check Print.  It will not print any checks but it must go through the process.  This will close the year.

3)    Once the last payroll cycle is completed, run any reports you need before beginning the next payroll cycle.  At the beginning of the next payroll cycle all YTD balance information will be zeroed.

4)     W2s may be printed any number of times until the end of the next quarter.

5)    Payroll history reports can be run at any time for any time period because they are date dependent reports.

6)    Once the next payroll cycle is started all the figures in the employee, department, and voluntary deduction files are set to zero.

Accounts Payable: - End of Calendar Year

1)    Run a vendor history list if you want a hard copy of the vendor purchases information.

2)     1099 can be printed before or after the yearend procedure.  You just need to tell the computer whether you have closed the year or not.

3)    To close the year, click Reports, Accounts Payable, and Accounts Payable Yearend.  This will move the Vendor Purchases This Year to Purchase Last Year and Purchase This Year is zeroed.

General Ledger: - End of Fiscal Year

1)       Make sure you have posted all the transactions from the applications (Reports, General Ledger, G/L Transaction Posting).  You cannot post the new year’s information to general ledger until you have closed the year.  If you do you will need to reverse the transaction out and enter them in manually after you have closed the year.

2)       Run an Income Statement and Balance Sheet (if necessary) for your company.

3)       Print a General Ledger report) for all periods.  This is not required but gives you a hard copy of the general ledger transactions and account balances and is essential for auditing.  This probably will be a very lengthy report.

4)       To close the General Ledger year, click Reports, General Ledger, and Yearend Procedure.  You will be asked for the company number to close, the save company number, and the period to post entries to.  The period to post to is usually period 12 unless you are on a 13 period accounting system.

A.       Option 1 – You have made a copy of your database you can use the copy to go back to last year’s figures. Therefore you do not need to fill in the save company number.  The program will remove all transaction history for the company being closed.  Once the year is closed, the account balances for all income and expense accounts will be zero and the asset, liability, and equity accounts will have the current beginning balance.  This is now the preferred method because it keeps your database smaller and cleaner.

B.       Option 2 – If you want to maintain the previous year’s information in the current database, then the save company number is a company number that does not already exist (usually the year number (99)).  Once the year is closed, the account balances for all income and expense accounts will be zero and the asset, liability, and equity accounts will have the current beginning balance.

5)       **** You may need to change to beginning period dates for your current company to the new years

6)       If you used the save company number option, to get at the information for the saved company, you need to add that company number to the G/L Company Information.  This will allow you to print any reports or financial statements.  You can also make any adjusting transactions you get from you accountant to this company.  Once the transactions are entered and posted, you will need to get the ending balance of the accounts affected and change the beginning balance of those accounts in the current company.