There are three items to watch for at your year end:
- Be sure that the year end listing of the subledgers is complete and accurate.
- Have an electronic copy of last years data set, so that your accountant or you can review it as part of the completion of your year end.
- Ensure that you have recorded the year end entries and made the necessary reversals to keep your subsidiary ledgers in balance with their control accounts in the GL.
If you chose menu choice 5.1.1, be sure to watch the date entered because any entries after that date will not appear on that report. On this report you CALCULATE BALANCE AS AT (this allows you to run reports at previous dates). I would use the date Dec 31, 1999 on this report.
If you chose menu choice 5.1.3, the date entered is used to AGE AS OF, which means that all entries are included, those beyond the date are shown in the current column.
If you chose menu choice 4.3.1, the date is used to AGE AS OF which means all entries are included, they are just shown in the various aging columns. Menu 4.3.2 gives you the choice to CALCULATE BALANCE AS AT (this allows you to run reports at previous dates) or AGE AS AT (this will give you all the entries, they are just shown in the various aging columns - those beyond the date are shown in the current column).
Menu 4.1.2 Item Valuation gives you the current values, and there is no option to back date this report. Therefore you must run this report before any accounting entries are made for the new fiscal year.
In the company profile (5.1. second screen) there are two options to be aware of. The first is Interface with AP' and if this is answered yes the second is 'Post delivery notes to AP and if this is answered 'no', Inventory Receipts becomes a subsidiary ledger for the GL account 'Account Payable clearing account' which is on the 'interface posting options' (third screen) in the company profile.
To print out the detail of this subsidiary ledger use menu choice 3.1.4 'Print outstanding receipts invoice list'. This would be done after the day-end process (menu choice 1.6) had been run in IR. This should balance to the control account after, in the AP, the entries are imported (3.1.3) and posted (3.1.5) in the AP; and, in the GL the entries retrieved (3.1.2) and posted (3.3.1) in the GL.
The option of keeping open the GL for the current year and last year is discussed on two separate pages titled Accpac GL Version 6.+ Year End Options.
Your accountants year end entries must always be posted in the current GL but are posted to previous year (3.3.2). If you have only a current GL, create the entries using the current date and fiscal period 12 and show in the reference field the cross-reference to your accountants entries.
If you have last years GL still open, create the entries there, archive the batch, then post it to the current year (3.1.1). In the current GL you would retrieve the batch (3.1.4) rather than re-enter it.
Your accountants year end entries may consist of 3 types of entries and all of these entries are often made to your AR and AP control accounts in error.
If you are unclear as to which type an entry is, ask you accountants as it is very important that your year end entries do no throw your control accounts out of balance with your subsidiary accounts.
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