Is There A Year-End Checklist?
Release Date: 12/30/22
Version: 8.0 and Above
Below is a simple checklist for year-end processing.
Overview
This document outlines the procedures recommended to be run in Elliott at the end of the year. It is broken down by module so you can use only what applies to you. We suggest following each step for each module until you get to the point of creating a year-end backup. This should be a one-time backup for all modules.
Accounts Payable
1. Complete all daily processing by entering and posting any vouchers that need to be paid for the closing year and printing and posting the checks.
2. Print an A/P Open Item Report and spool this to disk. Review the report to make sure the status of each account is correct. This also gives you a snapshot of the open items for the end of the year.
3. Print the 1099 information. You can print these directly on the laser form, but we also recommend printing a copy to disk.
4. At this point, a year-end backup should be performed. This can be a backup performed by your IT, but you can also create an archive company. Directions for creating an archive company are at the end of this document.
5. Clear the vendor accumulators for the year.
6. Update System Period Control for AP in Global Setup for the new year.
You are now ready to enter transactions for the new year. It is possible to enter transactions for the new year before printing the 1099s, but the Clear Accumulators must be run before new transactions are entered. Even then, there is a utility to reset the accumulated amounts if that step is missed.
Customer Order Processing
1. Complete all daily processing by entering orders, selecting orders for billing, and printing and posting invoices for any sales that need to be recorded for the closing year.
2. Print an Order Entry Edit List in full detail and spool this to disk. Review the report to make sure the status of each order is correct. This also gives you a snapshot of the open orders for the end of the year. Close or delete orders as appropriate and repeat the report if necessary.
3. At this point, a year-end backup should be performed. This can be a backup performed by your IT, but you can also create an archive company. Directions for creating an archive company are at the end of this document.
4. See Accounts Receivable for clearing the customer accumulators for the year and Inventory Control for clearing the item accumulators for the year.
5. Update System Period Control for CP in Global Setup for the new year.
You are now ready to enter sales orders for the new year. It is possible to enter orders for the new year before Accounts Receivable and Inventory Control have been closed, but the Clear Accumulators must be run before invoices are posted.
Accounts Receivable
1. Complete all daily processing by entering and posting any cash receipts, credit memos, and debit memos that need to be recorded for the closing year.
2. Make sure all COP sales orders have been entered and the invoices posted for the closing year.
3. Age customer accounts in AR, Processing, and Age Customer Accounts.
4. Print an A/R Aging Report and review the accounts for any discrepancies.
5. Enter and post any appropriate finance charges.
6. Print customer statements and verify their accuracy.
7. Print a Sales Tax Liability Report and spool this to disk.
8. Print a Commission Due Report and spool this to disk. Make sure the commission for each sales rep is accurate.
9. Print a final A/R Aging Report and spool this to disk. Review the report to make sure the status of each account is correct. This also gives you a snapshot of the open items for the end of the year.
10. At this point, a year-end backup should be performed. This can be a backup performed by your IT, but you can also create an archive company. Directions for creating an archive company are at the end of this document.
11. Clear the customer accumulators for the year.
12. Update System Period Control for AR in Global Setup for the new year.
You are now ready to enter transactions and post invoices for the new year.
Inventory Control
1. Complete all daily processing by entering and posting any inventory transactions that need to be recorded for the closing year.
2. Make sure all COP sales orders have been entered and the invoices posted for the closing year.
3. Make sure all PO receivings have been entered and posted for the closing year.
4. Perform a physical count and post the adjustments.
5. Print a Snapshot Stock Status Report and print to disk.
6. Print an Inventory Aging Report and print to disk.
7. On December 31st, freeze the inventory.
8. Print a Frozen Stock Status Report and print to disk.
9. At this point, a year-end backup should be performed. This can be a backup performed by your IT, but you can also create an archive company. Directions for creating an archive company are at the end of this document.
10. Clear the item accumulators for the year.
11. Update System Period Control for IM in Global Setup for the new year.
You are now ready to enter transactions and post invoices for the new year.
Purchase Order Processing
1. Complete all daily processing by entering and printing purchase orders and entering and posting receivings that need to be recorded for the closing year.
2. Close any outstanding or unnecessary purchase orders by changing the PO Status to “C.”
3. Print an Open Purchase Orders Report and spool this to disk. Review the report to make sure the status of each order is correct. This also gives you a snapshot of the open orders for the end of the year.
4. At this point, a year-end backup should be performed. This can be a backup performed by your IT, but you can also create an archive company. Directions for creating an archive company are at the end of this document.
5. See Accounts Payable for clearing the vendor accumulators for the year and Inventory Control for clearing the item accumulators for the year.
6. Update System Period Control for PO in Global Setup for the new year.
You are now ready to enter purchase orders for the new year.
This document outlines the procedures recommended to be run in Elliott at the end of the year. It is broken down by module so you can use only what applies to you. We suggest following each step for each module until you get to the point of creating a year-end backup. This should be a one-time backup for all modules.
Accounts Payable
1. Complete all daily processing by entering and posting any vouchers that need to be paid for the closing year and printing and posting the checks.
2. Print an A/P Open Item Report and spool this to disk. Review the report to make sure the status of each account is correct. This also gives you a snapshot of the open items for the end of the year.
3. Print the 1099 information. You can print these directly on the laser form, but we also recommend printing a copy to disk.
4. At this point, a year-end backup should be performed. This can be a backup performed by your IT, but you can also create an archive company. Directions for creating an archive company are at the end of this document.
5. Clear the vendor accumulators for the year.
6. Update System Period Control for AP in Global Setup for the new year.
You are now ready to enter transactions for the new year. It is possible to enter transactions for the new year before printing the 1099s, but the Clear Accumulators must be run before new transactions are entered. Even then, there is a utility to reset the accumulated amounts if that step is missed.
Customer Order Processing
1. Complete all daily processing by entering orders, selecting orders for billing, and printing and posting invoices for any sales that need to be recorded for the closing year.
2. Print an Order Entry Edit List in full detail and spool this to disk. Review the report to make sure the status of each order is correct. This also gives you a snapshot of the open orders for the end of the year. Close or delete orders as appropriate and repeat the report if necessary.
3. At this point, a year-end backup should be performed. This can be a backup performed by your IT, but you can also create an archive company. Directions for creating an archive company are at the end of this document.
4. See Accounts Receivable for clearing the customer accumulators for the year and Inventory Control for clearing the item accumulators for the year.
5. Update System Period Control for CP in Global Setup for the new year.
You are now ready to enter sales orders for the new year. It is possible to enter orders for the new year before Accounts Receivable and Inventory Control have been closed, but the Clear Accumulators must be run before invoices are posted.
Accounts Receivable
1. Complete all daily processing by entering and posting any cash receipts, credit memos, and debit memos that need to be recorded for the closing year.
2. Make sure all COP sales orders have been entered and the invoices posted for the closing year.
3. Age customer accounts in AR, Processing, and Age Customer Accounts.
4. Print an A/R Aging Report and review the accounts for any discrepancies.
5. Enter and post any appropriate finance charges.
6. Print customer statements and verify their accuracy.
7. Print a Sales Tax Liability Report and spool this to disk.
8. Print a Commission Due Report and spool this to disk. Make sure the commission for each sales rep is accurate.
9. Print a final A/R Aging Report and spool this to disk. Review the report to make sure the status of each account is correct. This also gives you a snapshot of the open items for the end of the year.
10. At this point, a year-end backup should be performed. This can be a backup performed by your IT, but you can also create an archive company. Directions for creating an archive company are at the end of this document.
11. Clear the customer accumulators for the year.
12. Update System Period Control for AR in Global Setup for the new year.
You are now ready to enter transactions and post invoices for the new year.
Inventory Control
1. Complete all daily processing by entering and posting any inventory transactions that need to be recorded for the closing year.
2. Make sure all COP sales orders have been entered and the invoices posted for the closing year.
3. Make sure all PO receivings have been entered and posted for the closing year.
4. Perform a physical count and post the adjustments.
5. Print a Snapshot Stock Status Report and print to disk.
6. Print an Inventory Aging Report and print to disk.
7. On December 31st, freeze the inventory.
8. Print a Frozen Stock Status Report and print to disk.
9. At this point, a year-end backup should be performed. This can be a backup performed by your IT, but you can also create an archive company. Directions for creating an archive company are at the end of this document.
10. Clear the item accumulators for the year.
11. Update System Period Control for IM in Global Setup for the new year.
You are now ready to enter transactions and post invoices for the new year.
Purchase Order Processing
1. Complete all daily processing by entering and printing purchase orders and entering and posting receivings that need to be recorded for the closing year.
2. Close any outstanding or unnecessary purchase orders by changing the PO Status to “C.”
3. Print an Open Purchase Orders Report and spool this to disk. Review the report to make sure the status of each order is correct. This also gives you a snapshot of the open orders for the end of the year.
4. At this point, a year-end backup should be performed. This can be a backup performed by your IT, but you can also create an archive company. Directions for creating an archive company are at the end of this document.
5. See Accounts Payable for clearing the vendor accumulators for the year and Inventory Control for clearing the item accumulators for the year.
6. Update System Period Control for PO in Global Setup for the new year.
You are now ready to enter purchase orders for the new year.
General Ledger
1. Interface distributions from all packages for the year and post them.
2. Complete all daily processing by entering and posting journal entries that need to be recorded for the closing year.
3. Print a Trail Balance for the year and spool this to disk. Review the report to make sure the accounts appear accurate. This also gives you a snapshot of the account balances for the end of the year.
4. Print financial statements and spool them to disk.
5. At this point, a year-end backup should be performed. This can be a backup performed by your IT, but you can also create an archive company. Directions for creating an archive company are at the end of this document.
6. Update System Period Control for GL in Global Setup for the new year.
7. Perform the Year End procedure to close out the year (Temporary first then Final year end)
https://support.elliott.com/knowledgebase/articles/920499-yearend-general-ledger-year-end-procedure
You are now ready to enter journal entries and interface distributions for the new year.
Creating an Archive Company
The easiest way to create an archive company is to create a new company folder in your Elliott root directory and copy the data files from the active company to the new company folder. The data folders are named “DATA_XX” where XX is a two-digit number that corresponds to the company number in Elliott. Netcellent can assist with this step when needed.
MAD
1. Interface distributions from all packages for the year and post them.
2. Complete all daily processing by entering and posting journal entries that need to be recorded for the closing year.
3. Print a Trail Balance for the year and spool this to disk. Review the report to make sure the accounts appear accurate. This also gives you a snapshot of the account balances for the end of the year.
4. Print financial statements and spool them to disk.
5. At this point, a year-end backup should be performed. This can be a backup performed by your IT, but you can also create an archive company. Directions for creating an archive company are at the end of this document.
6. Update System Period Control for GL in Global Setup for the new year.
7. Perform the Year End procedure to close out the year (Temporary first then Final year end)
https://support.elliott.com/knowledgebase/articles/920499-yearend-general-ledger-year-end-procedure
You are now ready to enter journal entries and interface distributions for the new year.
Creating an Archive Company
The easiest way to create an archive company is to create a new company folder in your Elliott root directory and copy the data files from the active company to the new company folder. The data folders are named “DATA_XX” where XX is a two-digit number that corresponds to the company number in Elliott. Netcellent can assist with this step when needed.
MAD