Infidox Technologies ||Year End Closing Activities Checklist

 

||Year End Closing Activities Checklist||

The following procedures are typical of most year-end activities:

To complete the year end process:

1.    Run revaluation (if you manage financial information in multiple currencies).

2.    Stop processing accounting transactions for the old year.

3.    Produce preliminary year end reports.

Produce the usual period-end reports and any other special year end reports.

4.    Begin to process the new year.

As you do at other times of the year, you can use the Open Period Update page or Open Periods Mass Update page to open the first accounting period in the new year for entry and posting.

5.    Record adjustments to the old year.

When you are ready to post adjusting entries to the old year:

·         Enter them as adjusting journals.

·         Alternatively, reopen the appropriate accounting period, enter and post the entries, and close the period again.

6.    Close the old year.

To close revenue and expense accounts to retained earnings and roll forward beginning balances to the New Year, use the Close Request page to initiate the background request. General Ledger performs closing according to the options selected in the closing rules.

7.    Produce reports for the New Year.

Until you run year end closing, reports for the next year do not include any results from prior years. Once you run the close process, balance sheet accounts and inception-to-date revenue and expense accounts are available for reporting.

8.    Make additional adjustments to the old year.

When you must make additional adjustments for the old year, follow the same process that you use to record adjustments to the old year.

9.    Reclose the old year.

Whenever you make adjustments to a closed year, you must run year end closing again to ensure that the opening balances for the New Year reflect all activity for prior years.