Month/ Year End To Do's
Posted: Thu Oct 31, 2019 12:41 pm
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!
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!