Year End Processing

Cashbook Year End Procedure

At the Clear Reconciled Entries function there is a Year End option. If you wish to run the Year End Option, toggle this option on. This option will:

1. Update your fiscal calendar to the next year.
2. Re-set the batch number to 1 (this can also be performed when clearing your batch status report). Take note that if you reset your batch number to 1, you will not be able to see your posted batches.
3. Move the current balances in your Cashbook G/L accounts to the previous year. (If not interfaced to ACCPAC)
4. Move the year-to-date totals in your miscellaneous file to the previous year.

Set the clearing date to 01/01/1980 if you do not want to clear any transactions.

AP Year End Procedure

Use the Year End form to:
· Reset batch numbers, so that the next batch you create of all types will use number 1.
· Move vendor activity statistics for the current year into the previous year, and zero the totals for the new year.
· Reset to 0 (zero) the Total Invoices Paid, Number Of Checks, and the Total Days To Pay fields in the Vendor Activity Statistics tab, in the Vendors form.
Before you start
For the year you are closing:
· Post all outstanding batches.
· Create all outstanding general ledger batches, and print the G/L Transactions report.
· Print all unprinted posting journals and use the Clear History form to clear the data for the posting journals.
· Close all other ACCPAC Accounts Payable forms and ask other users to leave Accounts Payable.
Tips
You can use the Year End form at any time of year if you need to reset batch numbers. However, you must first complete all the steps listed in the preceding section, "Before You Start."
We recommend that you clear activity statistics and the Total Invoices Paid and Total Days To Pay totals only at the end of your fiscal year.
To use the Year End form
1. Select the options you wish to use.
2. Choose Process.

AR Year End
Use the Year End to:
· Reset batch numbers, so that the next batch you create of any type will use number 1.
· Move customer and national account activity statistics for the current year into the previous year, and zero the statistical totals for the new year.
· Set recurring charge Amount Invoiced To Date totals for the year to zero, so that you can resume invoicing the charges in the new year.
· Reset to 0 (zero) the number in the Total Days to Pay and Total Invoices Paid fields in customer and national account activity statistics.
Before you start
For the year you are closing:
· Process all billing cycles.
· Post all outstanding batches.
· Print all unprinted posting journals to a file or a printer, then use the Clear History form to clear the data for the posting journals.
· Create all outstanding general ledger batches (if you do not use the option to create the batches during posting), then print the G/L Transactions report.
· Close all other ACCPAC Accounts Receivable forms and ask other users to leave Accounts Receivable.
To use the Year End form
1. Select the options you wish to use.
2. Choose Process.
Tips
You can use the Year End form at any time of year if you need to reset batch numbers or clear recurring-charge amounts. However, you must first complete all the steps listed in the preceding “Before You Start” section.
We recommend that you clear activity statistics only at year end.

GL Year End Procedures
At the end of a fiscal year, you must close the income and expense accounts for the old year, and open them for the next fiscal year. To maintain clear and complete accounting records, there are other procedures you may also wish to follow at year end.
To prepare for year-end processing:
· Post outstanding batches for the year you are closing.
· Print and clear all outstanding posting journals.
· If desired, print financial statements and the other reports you require for your records.
· If desired, consolidate posted transactions.
· Make sure you have specified the number of years you want to keep fiscal sets and transaction detail (on the Posting tab of the G/L Options form), and the retained earnings accounts to which you will close income and expense accounts.
· If you use multicurrency accounting, update exchange rates and revalue account balances, if needed.
· Back up data.
To complete year-end processing:
1. Use the Create New Year form to:
· Create and post transactions to transfer the balances in the income and expense accounts to retained earnings.
· Enter the opening balances for the General Ledger accounts for the new year.
2. Print and clear the Batch Status report and the posting journal created by Create New Year.
3. Back up data.
4. Use the Period End Maintenance form to delete inactive accounts and prior-year fiscal sets and transaction details that have been kept for the number of years specified on the Posting tab of the G/L Options form.