Operation Check List for Fiscal Year End                

 

 Date: _________________      User Name: ________________________________

 

   (User Initial when Complete)

 

 

  ____     1. Year-end SAVEDATA Backup has been done.

 

  ____     2. Obtain YEAR END CLOSING ENTRIES from your Accountant and enter them using Misc.

                Journal Entries

 

  ____     3. Print a FINAL YEAR END General Ledger, Income Statement and Balance Sheet and have

                it REVIEWED by your Accountant before proceeding.

 

  ____     4. Make sure there are NO MORE CHANGES LIKELY. Once the year is Closed, it cannot

                be re-opened!

 

    Go to General Ledger: Close the Fiscal Year Menu.

   

  ____     5. Mark Job Status Dates Closed to cover ALL JOBS CLOSED in this Fiscal Year.

 

  ____     6. Print Closed Jobs in Total Job Status file.

 

  ____     7. Select Menu Item 3 CREATE CLOSING JOURNAL ENTRIES and CLOSE.

 

             - Verify on Screen the FROM and THRU Closing Dates.

 

                   - Verify on-screen the Account number which starts the Income and Expense

                      accounts and the Retained Earnings Account number.

              - Moves Current Year Ledger to Last Year Ledger and Closes Income and Expense Accounts

                       to Retained Earnings.

 

  ____     8. Check printout of Automatic Closing Entries. If no errors, then UPDATE ledger with

                      Closing Entries.

 

  _____   9. Go to General Ledger Menu and print a Balance Sheet to verify that nothing has changed

                      but the Retained Earnings.