Winding down year-end

March 1st, 2010 | Author: Lillian Aaron

Now that the dust of Year End is settling, here are a few year-end suggestions to keep in mind as you finalize the prior year:

Print the General Ledger journal for ‘unposted’ entries in the prior year for Periods 1 and 2 and make sure none really belong in the new year.
Examine all your General Ledger entries for Period 1 and 2 of the prior year and confirm that none of those really belong in the new year. We have often seen users enter the wrong year, especially in early January as they are getting used to the new year.
Examine your General Ledger entries for Period 12 of the new year. If there are any entries, they were probably posted to the wrong year in error and may belong in the prior year.
Run “Post To Master” on the prior year’s General Ledger entries, then update your Current Year in General Ledger to insure everything that was done in the prior year is brought forward. Be sure to do this after any entries are posted to last year.
If you will need to re-run prior year Trial Balances for Accounts Receivable or Accounts Payable, do NOT purge paid invoices yet. Wait until you no longer need to reprint those prior year Trial Balances before purging.
When you need to make adjusting entries to the General Ledger for the prior year, remember to switch to that prior year in Periodic Processing before making those entries. General Ledger is not date sensitive like the other applications so you must be in the correct year in order to make prior year adjusting entries.