On a calendar year?
Using Macola ES? 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.
Order Entry Year End Checklist
Order Entry is usually the critical package for most companies as sales staff will begin getting an "Out of Period" message on the first day of the next accounting period. Orders can be entered, printed, selected for billing, and invoices printed in O/E without closing the period. Period-End processing must be completed before any posting occurs for the new accounting period. Timing of Year End Process: Must be run before any transactions are posted for the next month. This includes O/E Orders posted to A/R.
Step 1 Change the history period date to the current period that you are closing. This is the year-end option. (System, Period-End/Year-End, Order Entry, Year-end procedure)
Step 2 Close the period for the Order Entry journals specified in Source Journal setup. Open the next period. (System, Company, Package settings, Source Journal setup, G/L, Maintain, Period-date calendar)
Accounts Receivable Year End Checklist
Timing of Year End Process: Must be run before any transactions are posted for the next month. This includes O/E Orders posted to A/R. You need to run the clear accumulators processes in Inventory Management as soon as possible after the end of a fiscal period. If you do not complete this process before you complete any of the above transactions for the new month, the values captured will be distorted. You must print any reports you need that reflect these numbers before clearing accumulators. Note: Finish the A/P Year End Checklist before clearing tax accumulators.
Step 1 Clear tax accumulators for the period. G/L, Taxes, Clear PTD/YTD tax accumulators
Step 2 Close the period for the Accounts Receivable journals specified in Source Journal setup. Open the next period. (System, Company, Package settings, Source Journal setup, G/L, Maintain, Period-date calendar)
Step 3 Clear tax accumulators for the period.
Inventory Management Year End Checklist
Timing of End of Year Process: Must be run before any transactions are posted for the next year. This includes inventory transactions, O/E orders posted to A/R, P/O receivings, POP production reported, and SFC production reported. You need to run the clear accumulators processes in Inventory Management as soon as possible after the end of a fiscal period. If you do not complete this process before you complete any of the above transactions for the new month, the values captured will be distorted. Warning: Clear Inventory accumulators only once, Macola ES will advance the period each time you clear the accumulators. Clearing inventory accumulators is date sensitive. The Clear Inventory Accumulators process uses the system date as the date from which to clear accumulators. If you are clearing accumulators after the actual end date of the period, contact the Attivo support department for assistance.
Step 1 Make sure all Inventory Management reports have been printed. (System, Period-End/Year-End, Inventory Management)
Step 2 Clear Inventory Management accumulators for the year. (System, Period-End/Year-End, Inventory Management, Clear inventory accumulators)
Step 3 Set the beginning balances with the first day of the new period. (System, Utilities, Distribution, Inventory Management, Beginning balance records)
Step 4 Close the period for the Inventory Management journals specified in Source Journal setup. Open the next period. (System, Company, Package settings, Source Journal setup, System, Financial, General ledger, Codes, Period-date calendar)
Payroll Year End Checklist
Step 1 Print W-2s (PR & HRM, Payroll, W-2 Printing) The W-2 Printing process provides all necessary income and withholding information on standard W-2 forms. The instructions for printing W-2s are part of the supplemental year-end documentation provided by Exact Software each year. W-2 processing can create a paper copy for the Social Security Administration (SSA) and the SSA "A" information required on magnetic media for those employers that have obtained approval to table in this manner. Note: DO NOT process any new year payrolls before printing W-2s and/or clearing YTD accumulators. If necessary, the "live" data can be moved to a test/temp directory and the YTD accumulators cleared in the "live" data directory to be able to process new year payrolls.
Step 2 Clear Year-To-Date Accumulators (System, Period-End/Year-End, Payroll, Clear accumulators)
Step 3 Close the period for the Payroll journals specified in Source Journal setup. Open the next period. (Setup, Company, Package settings, Source Journal setup, G/L, Maintain, Period-date calendar)
Purchase Order and Receiving Year End Checklist
Timing of Year End Process: Must be run before any transactions are posted for the next month. This includes PO Receiving. Delaying the closing of Purchase Order and Receiving and Accounts Payable will skew vendor performance accumulators and is not recommended.
Step 1 Complete A/P and I/M year-end checklists.
Step 2 Close the period for the Purchase Order and Receiving journals specified on the Source Journal Setup screen. Open the next period. (System, Company, Package settings, Source Journal setup, G/L, Maintain, Period-date calendar)
Accounts Payable Year End Checklist
Timing of Year End Process: Must be run before any transactions are posted for the next month. This includes P/O receivings, A/P voucher processing, check runs, etc.
Step 1 Print and Create 1099 Forms at Calendar Year End
Step 2 Print all reports used to analyze your annual data.
Step 3 Close the period for the Accounts Payable journals specified in Source Journal setup. Open the next period. (System, Company, Package settings, Source Journal setup, G/L, Maintain, Period-date calendar Note: You can continue processing A/P transactions before printing 1099s. The Print 1099 and Create Disk functions allow you to select the set of data to be used. If you have not closed the year, print and create 1099s using current data. If you have already closed the year, print and create using last year's data.
Assets and Depreciation Year End Checklist
Step 1 Use the Evaluation report to analyze and repair any discrepancies (Assets, Entries, Evaluation)
Step 2 Print the Asset Year End Totals report Assets, Reports, Asset year end totals
Manufacturing Cost Accounting, Shop Floor and Labor Performance Year End Checklist
Step 1 Close the period the Cost Activity Trx Journal specified on the Source Journal Setup screen. Open the next period. (System, Company, Package settings, Source Journal setup, G/L, Maintain, Period-date calendar)
General Ledger Year End Checklist
Step 1 Print a Trial Balance Report and verify balances (G/L, Reports, Balance/PL)
Step 2 Select and print the financial reports for the period (G/L, Balance/PL)
Step 3 Run previous year financials. Note: If you run the Financial Statements after running Profit/Loss, they will still accurately reflect the prior year. (G/L, Reports)
Step 4 Generate the Final Trial Balance for the year that is being closed. (G/L, Reports, Balance/PL)
Step 5 Complete the final year-end procedure. (System, Period-End/Year-End, Process profit/loss)
Step 6 Close the period for the General Ledger journals. Open the next period. (G/L, Maintain, Period-date calendar)
Step 7 Close any remaining open journals for the period being closed. (G/L, Maintain, Period-date calendar) The Process Profit/Loss process creates the retained earnings entry for the year. This application does not close out the accounts or clear the current year transactions from the general ledger. You can print any previous year financial statement for comparative information by choosing the number of years you want to print on the report. The retained earnings entry is created and posted with the last day of the financial year, but does not show on the financial statements for that year allowing the financial statements to remain exactly the same as they were before processing profit/loss. The retained earnings account beginning balance for the next year will include the entry allowing the financial statements for the next year to be correct. (See the Process Profit/Loss topic in the Macola ES online help for more information.) You can process profit/loss multiple times for the same year. Important: Process all posting for all packages and process all journal entries before processing profit/loss. If you do not process all entries for the year before processing profit/loss, your retained earnings entry will not be correct.
Remaining Packages The following packages have no period-end or year-end processes: • Bar Code • Bill of Material • Capacity Requirements Planning • Human Resource Management • Material Requirements Planning • Master Scheduling • Quoting and Estimating • Standard Product Routing • System Manager
