Year End Procedures

Year-End can be a hectic time for all & it is fast approaching.  In many instances, we are tired from or preparing for the holidays.  Everyone is out of their routine & sometimes, performing tasks they only think about once a year.  Here is a brief summary of performing year-end in any ERP system.

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.

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Year End Timeline

Here is a brief timeline I have put together to help users determine when to process Year-End closing routines.

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Checklists

Lots of us make checklists for a variety of tasks from grocery shopping to complex projects.  Microsoft Dynamics GP offers built in checklists in the Routines section of every module that can help walk users through a diverse range of topics.

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.

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