On a calendar year?
Using Macola Progression Series
? Time to run a few extra closing procedures as you close the month of December, and the 2009 year. Regardless of which version, you must first run the entire month end closing procedure. If you don't have a month end closing procedure, please
contact us and we'll gladly send you one. It is critical to perform these procedures in a timely manner, or the year to year comparisons, accumulators, etc. will not be updated or reset for the coming year.
Accounts Receivable
- Run all A/R reports before clearing Y-T-D accumulators (AR accumulators are cleared in the Order Entry module).
Purchase Order
- Clear Vendor Y-T-D Statistics (PO — Processes — Clear YTD Statistics). Advance the System Period calendar to the next year.
Accounts Payable
- Clear Y-T-D accumulators (AP — Processes — Clear YTD Accumulators) - Advance the System Period calendar to the next year.
Inventory Management
- Run all IM reports before clearing Y-T-D accumulators (IM accumulators are cleared in the Order Entry module).
Order Entry
Note: When you perform the “Post Sales History” procedure, and then perform the “Period-End Procedure” for period 12, a message will pop up which says “You must run the year end procedure” - Perform the Sales History “Year-End Procedure” (OE — Processes — Sales History — Year End Procedure). o This procedure will advance the Sales History Periods to the next year, and set the Current Period to 1. Verify that this has occurred by checking under OE — Maintain — Sales History Periods. - Clear both the month end and the year-end accumulators for A/R and I/M. This is the final closing step for these modules, and all desired reports should have been run prior to this step (many reports depend on accumulator balances). -
CAUTION — You can only perform the “Clear Year to Date Accumulators” ONCE. Clearing AR or IM accumulators more than one time will destroy prior year data. If you do perform more than once please contact us for assistance - we can fix the data for you. -
Clearing the AR Accumulators: o Since you are in Period 12, when you perform the “Clear AR Accumulators” process, it prompts you as follows: Do you wish to advance the AR Accounting Period? Do you wish to roll Period Dates (for AR) to next year? Do you wish to advance the OE Accounting Period? Do you wish to roll Period Dates (for OE) to next year? o You may, based on your answer to the above questions, allow the system to update the AR and OE System Periods for you. -
Clearing the IM Accumulators o This process does not advance the IM System Period or year for you. This must be changed manually.
Assets & Depreciation
- Run Year-End processing (AD — Processes — Year End Closing). - Advance the System Period calendar to the next year.
General Ledger
Perform the Temporary Year-End Closing - Once the month end is complete and preliminary statements for December have been completed, perform the “Temporary Year-End” Closing procedure. This will advance the system accounting period calendar for General Ledger to the next year for all periods, and set the current accounting period for the General Ledger module to 1. Do not advance these periods manually. - Note: If you are on a user-defined accounting year, you will need to manually correct the system accounting periods for all modules.
Once Financial Statements are finalized (this might be several weeks or months later): - Complete all year-end adjusting journal entries. - Print/Save Trial Balance as a final copy. - Print the final year end statements. -
Run Final Year-End Procedure. This must be done with no one in the system! - Review Retained Earnings/Loss transaction by printing edit list. - In G/L setup change “Allow out-of-balance posting?” to yes. - Post retained earnings/loss journal transaction. - In G/L setup change “Allow out-of-balance posting?” back to no. - Run Trial Balance and compare to final Trial Balance.
