Is Year-End Dreadful for You or an Accountant You Know?

3 Wise Men
  • Bank Account — Detail Trial Balance (Make sure this is reconciled, etc.)
  • Customer — Trial Balance
  • Customer — Detail Trial Balance
  • Vendor — Trial Balance
  • Vendor — Detail Trial Balance
  • Closing Trial Balance (Compare this year to the previous year)
  • Detail Trial Balance
  • Trial Balance
  • Consolidated Trial Balance
  • Trial Balance
  • Aged Accounts Payable
  • Trial Balance/Budget
  • Trial Balance by Period
  • Account Schedule (Typically, if you’re using these in Business Central it’s probably already a part of your month-end procedure)
  • Reconcile Customer and Vendor Accounts (This is something auditors will normally want to check if you get audited)
  • Do not think you are losing your mind when on the Accounting Periods page in Business Central you cannot click to close an individual period. This is how the system is designed.
  • At the end of December go into the General Ledger setup and open January for posting but setup certain finance users to be able to back post in December for month-end adjusting entries.
  • The best practice is to close the year-end when you are suppose to and then isolate adjusting entries down the road. Once again, if you get audited this is better for the auditors.
  • When it comes to running the Close Income Statement Job, yes you can post to previous fiscal years after you do this. As long as you have the proper access it should not be a problem. Don’t forget that once you make your entries you have to run the Close Income Statement Job again.
  • Don’t forget that the G/L entry that gets produced from this job you have to manually post this transaction. It will not post itself to the G/L.

Listen to our year-end segment from our podcast A Shot of Business Central and A Beer to learn more.

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🥇 Microsoft Gold & Silver Partner 🥈 👨‍💻 ERP 📈 DataAnalytics ☁️ Cloud Platform ☁️ Small & Midmarket Cloud Solutions 💻 Application Development

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Solution Systems, Inc.

Solution Systems, Inc.

🥇 Microsoft Gold & Silver Partner 🥈 👨‍💻 ERP 📈 DataAnalytics ☁️ Cloud Platform ☁️ Small & Midmarket Cloud Solutions 💻 Application Development

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