Year End Procedures - Receivables

The following is a checklist of steps to close your current year and prepare the system for the new fiscal year. If you need detailed instructions on any of the steps below, please contact us at 901-382-1634. When you are posting transactions in Great Plains Receivables Management, the system will automatically post to the correct fiscal and calendar years according to the dates of the transactions. Closing the fiscal year will transfer all amounts other than the calendar year-to-date finance charge amounts to last year.
 

Note: To print this page, highlight the text, go to File | Print, and choose selection in the page range box.

q    1) Post all transactions for the current fiscal year.

q 2) Make a backup of all Company data. (Go to File | Backup).

q    3) Close the fiscal year in the Receivables Year-End Closing window. Go to Tools | Routines | Sales, then select Year-End Close, Mark Fiscal, or All. Mark the Print Report option to print the Receivables Year-End Closing Report after the closing process is completed. This report lists the amounts that were transferred to last-year fields for each customer. The Year-End Closing Report is part of the audit trail and should be saved with your Company’s permanent records.

q  4) Close all fiscal periods for the Sales series (optional). Go to Tools | Setup | Company | Fiscal Periods. Closing the fiscal periods prevents posting transactions to the wrong period or year accidentally.

q  5) If you do not have the Payables Management module, close the sales tax periods for the year (optional). Go to Tools | Routines | Company | Tax Year-End Close. 

q 6) Make a final backup of all Company data and put it in permanent storage.

 

Next Step: Payables

A Smart Move  |  Products  |  Support  |  Career Opportunities | About Us  | Contact Us  | Home Computer Resources, Inc. 901-382-1MEG (1634) Serving Memphis, Mississippi, Arkansas, Tennessee, and the Mid-South  Copyright ©2002- 2006, Computer Resources, Inc. All rights reserved.