Month/ Year End To Do's

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M1EnterpriseTech
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Month/ Year End To Do's

Post by M1EnterpriseTech »

In Enterprise Pro there is no Fiscal Year End, retained earnings is calculated based on previous calendar year ( Jan 1 to Dec 31)

Here are a few things that you can do for a month/year end :

1.Reconciling the Cash Drawer and Bank Accounts

2.All Inventory recounts/ Supplier Returns cannot be back dated so they must be done before end of month/year.

3.If an inventory Cost report is needed then the last day of the month/year is the time to do it.

4.Post Supplier Invoices, RGB Credits, etc.. ( Note: Back dating entries posting will change A/P and A/R close numbers.)

5.Prepare Receivable Accounts

6.Purge A/R and A/ P

7.Aged A/R & A/P to match Balance Sheet ( Note: back dated entries done after month/year end will change Balance Sheet and report figures)

8.Run Balance Sheet and Income Statement ( Note: Any back dated entries done after ending date will affect these numbers so keep on file)

9.Physical Inventory Count - (recounts cannot be back dated)


Reports to run for Year End

1.All Reports without Date Control including:

• Work Order Summary

• Inventory Cost Report

• Inventory Historical Cost Report ( not favored by some Accountants)

• Aged A/P & A/R


Please note that you can lock the General Ledger with a set date so you will not be able to do any entries that will change the ledger totals prior to the date you set.


Go to Setup | Location Settings | General Ledger | Lock Transaction Set Date ...don't forget to Save your changes!
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