End Of Year Processing

1
End Of Year Processing
2
Major Function Flag Check

• Review the following major function flags located
  in the History Options (SYS M052) function.
• Sales History
• History Kept
• Amount of History Kept

3
Inventory

• Ensure any end-of-year stocktakes are completed
  including updating the ledgers.
• Run the Inventory Integrity (INV M011) function
  in Report and Correct mode.
• Ensure there are no uncorrected errors.
• Print a final Inventory Valuation report for year
  end.
• Backup both data and system files.
• Verify backup.
• Perform Inventory Ledger rollover.

4
Accounts Receivable

• Ensure all invoicing is completed and updated for
  the month.
• Ensure all cash receipting are processed and
  posted for the month.
• Ensure that Customers Adjustment Notes are
  produced for Tax
• Receivables /Reports.
• Post Customers Foreign Exchange Revaluation to
  GL.
• Run the Customer Integrity (AR M176) function in
  Report and Correct mode.
• Ensure there are no uncorrected errors.
• Ensure Customers Statements are produced for the
  month
• Ensure all end-of-month customers reports are
  printed.
• Ensure all end-of-month sales reports are
  printed.
• Ensure that Inventory module has been rolled for
  the same financial period.
• Perform Customer Ledger rollover.

5
Accounts Payable

• Ensure all transaction posting is completed for
  period such as invoice posting and payments
  drawn.
• Process periodic payments for the month.
• Post Foreign Exchange Revaluation to GL.
• Ensure Cheque Printing and/or EFT processing is
  completed and updated to ledgers.
• Complete Bank Reconciliation.
• Run the Suppliers Integrity (AP M041) function in
  Report and Correct mode.
• Ensure there are no uncorrected errors.
• Run all suppliers end-of-month reports.
• Perform Supplier Ledger rollover.

6
Fixed Assets

• Rolls with the General Ledger and can not be held
  open after the GL is rolled but can be rolled
  individually before the GL end-of-year.
• Ensure that all completed acquisitions are
  activated.
• Complete all outstanding disposal transactions.
• Ensure that book and tax depreciation are run.
• Print all required reports particularly a
  valuation report.
• Print all tax reconciliation reports.
• Check and compare that figures in Asset Group
  Control accounts match GL figures.
• Cont..

7
Fixed Assets (Cont.)

• Run the Fixed Asset Integrity (FA M005) function
  in Report and Correct mode.
• Ensure there are no uncorrected errors.
• Additional option to check for duplicates will
  detect any duplicate asset numbers.
• Perform Fixed Asset Ledger rollover (optional).
• Check depreciation of this year has been cleared
  and value is reflected in the accumulated
  depreciation.
• Purge all Disposed Assets. Note once disposed
  assets are purged, all data/information
  pertaining to these assets will be permanently
  removed.
• Not rolled by gl rollover if run in batch.

8
General Ledger

• Check disk space available to both the data and
  tmp directory. As a guide double the size of
  gl-trans should be available to both directories.
  
• Review the Chart of Accounts to ensure that
  balance sheet accounts are correctly set as
• Y for Profit and Loss (PL) accounts.
• N for Balance Sheet accounts.
• Fixed Assets rollover. Note that Fixed Asset
  Register will roll automatically with GL if not
  already rolled.
• Complete all transactions.
• Print all reports.

9
General Ledger

• Job Cost accounts should have reconciled WIP.
• Run the General Ledger Integrity (GL M011)
  function in Report and Correct mode and check YTD
  figures.
• Ensure there are no uncorrected errors.
• Run full trial balance plus a PL and Balance
  Sheet trial balance sub-totalled by company.
• Do not run a Financial Report Writer (FRW).
• Use the functions within the Trial Balance
  Budget Variances (GL X003) folder.
• Check the GLAPP special accounts and ensure
  they are pointing to the correct General Ledger
  accounts.
• When using irregular periods check next years
  period control dates.
• When running a SYSGLDATA environment, lock the
  GL in all databases for current period
  processing.

10
General Ledger

• Check that the Accounts Receivable, Inventory and
  Accounts Payables Ledgers have been rolled.
• Backup both data and system files. If space
  allows, create an EOY 2006 company for
  reference.
• Verify backup.
• Keep copy of backup permanently.
• Perform General Ledger rollover.
• Note that if the fixed assets ledger has not
  already been rolled it will roll at the same
  time.
• Run full GL integrity, including checking YTD and
  history.
• Ensure there are no uncorrected errors.
• Run a balance sheet checking retained earnings
  accounts and the opening balances of other
  accounts.
• When using irregular periods, enter next years
  period control dates.
• Re-submit the GL integrity into the night
  sequence (because of history dates).
• Reset batch numbers (if necessary).