Year End Procedures - Fixed Assets

The following is a checklist of steps to close your current year and prepare the system for the new year. If you need detailed instructions on any of the steps below, please contact us at 901-382-1634. The year-end routine can be run at a separate time for each fixed asset book or it can be run for all books at the same time. However, this routine must be completed before running any fixed assets processing for the new year.
 

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q    1) Complete Payables Year-End.

q 2) Enter in all activity for the current fiscal year. This includes additions, changes, transfers and retirements.

q    3) Run depreciation on all assets through the last day of the current fiscal year.

q  4) Process the GL Interface (GL Posting) routine by going to Tools | Routines | Fixed Assets | GL Posting.

q  5) Run reports, specifically those that include year-to-date depreciation amounts as that information is not saved for previous/closed fiscal years. Some suggested reports are: Annual Activity, Additions, Retirements, Transfers, Depreciation Ledger, Property Ledger, and Fixed Assets to General Ledger Reconciliation

q 6) Verify that the Quarters are set up correctly for all fiscal years. Go to Tools | Setup | Fixed Assets | Quarters.

q 7) Make a final backup of all Company data and put it in permanent storage.

q 8) Perform the Fixed Asset Year-End Close routine by going to Tools | Routines | Fixed Assets | Year End.

 

Next Step: General Ledger

 

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