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General Ledger (GL) Year End Processing Checklist

The end of year processing consists of the reports and updating functions necessary to control and audit the GL system. The end of year is run after the daily work for the last working day of the closing month is completed.

The General Ledger can be closed up to 3 months after the End of Year actual date. Additional journal entries for the New Year may not be posted to the General Ledger master until the End of Year has been completed.

If you are using the Prior Year General Ledger refer to procedure Prior Year GL instead.

The PROCESS GL YEAR END is a 'stand alone' process meaning that only the user performing the year end can be using the system.

Recurring Entries (if you use recurring entries)
You must post any recurring entries that are dated before the New Year, add any additional recurring entries, and delete the old entries.

Post

Select General Ledger
Select Recurring Journal Update
Select Recurring Journal Update

Print and post the journal transactions.

New Entries

Select General Ledger
Select Maintenance Functions
Select Add/Chg Recurring Entries

Add any new recurring entries as needed.

Delete Entries

Select Maintenance Functions
Select Add/Chg Recurring Entries
Enter the reference number to remove. Backspace over the description and type “DELETE”

Distribution Journal Update (if you use distribution update)
Update any sub-accounts kept in the distribution file and insure you have posted all journal entries that will be distributed prior to doing the update.

Select General Ledger
Select Maintenance Functions
Select Distribution Jrnl Update

Print and post journal transactions.

Repairs Processing (if you use the Work Order process)
Run the work order journal and post entries to the General Ledger master file.

Work Order Journal Report

Select General Ledger
Select Repairs GL Processing
Select Work Order Journal Report
Select how the journal will be printed and for unposted transactions

Post Work Order To Journal

Select General Ledger
Select Repairs GL Processing
Select Post Work Order To Journal

Print and post journal transactions.

Adjusting Entries
Adjusting entries can be done through the valid open periods only. Adjusting entries will be done through the Enter Transaction function.

Enter Transactions

Select General Ledger
Select Enter Transactions

Enter adjusting entries as needed. Print and post the journal transactions.

Verify Posting For Prior Periods
Verify that all transactions have been posted for open periods. Print the journal transaction report for unposted entries for the 9th, 10th, 11th and 12th periods. Post journal transactions if needed.

Print Journal Transaction Register

Select General Ledger
Select List Journal Transactions

Run the report for unposted transactions for the 9th, 10th, 11th and 12th periods and process any unposted transactions.

Verify Clear To Account & Step Number
Verify that the clear to account and step number 1 is valid for all revenue and expense accounts by printing the Chart of Accounts. Add the clear to account and step number 1 to accounts needed.

Print Chart of Accounts

Select General Ledger
Select Print Chart of Accounts

Print the clear to accounts and steps

Add Clear To Account

Select General Ledger
Select Maintenance Functions
Select Add/Chg GL Accounts

Add the clear to account and step 1 to the revenue and expense accounts as needed

Reports
The following reports are recommended before processing the End of Year. File these reports.

Verify that the Ledger is in balance and make any necessary adjustments.

Trial Balance

Select General Ledger
Select Print Trial Balance

General Ledger Activity History

Select General Ledger
Select Print General Ledger Activity History (For all Periods)

Income Statement

Select General Ledger
Select Print Income Statement

Balance Sheet

Select General Ledger
Select Print Balance Sheet

Print any additional reports you may require.

Save Historical Data
Saving the historical data can be done if store options are setup to save the history.

Save Historical Data

Select Year End Processing
Select Save Historical Data

Initialize Period 13
Period 13 must be initialized. This period is used to post the retained earnings when the clear and close step below is performed.

Select General Ledger
Select Year End Processing
Select Initialize Journal Files

Start Journal Period: 13
Ending Journal Period: 13

Do You Want To Continue? (Yes/No): Y
Are You Sure? (Yes/No): Y

Successful End Of Initialize

Run Clear And Close By Step Number
Step 1 of the clear and close will close the income and expense accounts to the retained earnings account.

Select General Ledger
Select Year End Processing
Select Clear And Close By Step#

Has The Historical Data Been Saved? (Y/N) Y
Clear And Close To Period: 13
Clearing Step Number: 1

Print And Post Period 13
After running the Clear and Close you must print and post the journal transaction register.

Print Journal Transactions

Select General Ledger
Select Year End Processing
Select List Journal Transactions

Print listing for period 13 for unposted transactions. Verify that all debits are equal to all credits

Post Journal Transactions

Select General Ledger
Select Year End Processing
Select Post GL Journal

Post transactions for period 13

Print Trial Balance And Balance Sheet To Verify
Print the trial balance and the balance sheet from period 1-13 to insure all income and revenue accounts have been brought to a zero dollar and check the retained earnings balance.

Print Trial Balance

Select General Ledger
Select Year End Processing
Print Trial Balance

Print Balance Sheet

Select General Ledger
Select Balance Sheet

Process Year End

The processing of the Year End will zero all revenue and expense accounts and bring the asset and liability accounts forward.

Select General Ledger
Select Year End Processing
Select Year End File Maintenance

If the message

Successful End of Month or End of Year Processing

does not appear, contact Computer Ease Technical Support to verify the End of Year completed successfully.

Post Current Year Transactions
You may now begin posting the New Year transactions.