Prior to performing year-end tasks:
1 – Post all receivables, payables & financial transactions.  Future dated transactions should be held off if possible until after the year has closed.
2 – Perform a stock count, send out customer statements & complete all reconciliations
3 – Make any adjusting entries needed.
4 – Print necessary reports to maintain in the companies permanent records for audit trail purposes
5 – Make a backup of company database before starting the year-end processes.

Ensure all users are out of the system when performing year-end processes.  Additionally, users are often given the opportunity to purge obsolete records during the year-end processing.  One should consult company policy & ensure local law reporting laws are followed prior to deleting any records.  Once complete, it is good practice to close old fiscal periods from posting to prevent any accidental postings.

Once you have accessed the appropriate Checklists window, ensure the frequency is appropriate for the checklist you are about to create.  Click Add to create a link to a Microsoft Dynamics GP window.  Name the checklist item & select the appropriate in the Command (Dynamics GP window).  Once your list is complete, order the items appropriately by using the Up & Down buttons.  Now every time a user performs this particular task, all they are required to do is click the checklist item in order & populate the fields with new data.

Checklists are particularily beneficial when turnover is an issue or roles require extensive training.  Two tasks I recommend clients create checklists for are performing payroll & completing year-end.  Mistakes made performing either of these functions can have wide-reaching effects.  In my next blog, I will cover a few tasks that should be on your year-end checklist.