What’s the Best Way to Prepare for Year-End Closing? Start Now.
It may be the most wonderful time of the year, but it is also one of the busiest. As if all the holiday prep, and travel, and festivities aren’t enough, it’s also Q4! Which means many organizations are knee-deep in budgeting and planning for next year.
As the days get shorter, so does your time to get ready for the new year. In this blog post, we’ll review some of the step you can take now to ensure you start the year off right.
PREP FOR NEW FISCAL YEAR
- Create new fiscal year and confirm end dates (Common Data > GL Accounting Tables > Fiscal Years)
- Create new periods and confirm start / end dates (Common Data > GL Accounting Tables > Periods)
- Open 2023 fiscal year
- Open 2023 fiscal period(s), confirm stock status is open as well
- Run year end simulation to allow for 2023 financial report, you will need to rerun as changes are made in December (Financials > Utilities > Closings > Year End Simulation)
- Run Cost Transfer to move STD Cost into 2023
STANDARD MONTH-END PROCEDURES
- Validate shipments and invoices. If shipments cannot be validated, change ship date to next period.
- Post all payment and invoices
- Run Stock Accounting Interface and confirm there are no errors
- Run WIP Posting and confirm there are no errors
- Run Final Validation for the month
- Run the closing report to identify any errors
If you have any questions regarding year-end or would like some assistance, contact us. We’re here to help you finish strong and start the new year right.
For more information from Sage, click here.