General Ledger Year End
Procedures for the Reporting to the MAX
Accounting Software
- Backup up all your data files and store them off-site or in a
fireproof container for your security.
- Run all your General Ledger reports, especially Audit Trail and
file in a safe place for future reference.
- If you are running your year end on a date different than the last
date of the fiscal year, set the system date to the last day of the fiscal
year and the period to 12 (or the last period of the year).
- Select Close Year from the Year End menu.
- Enter your company's Retained Earnings account number. If you are unsure of the account
number, use the Lookup tool to scroll through your chart of accounts.
- Select OK to begin processing, or Cancel to exit without
processing.
- Then the software automatically processes the year end.
·
Your
closing entries will be generated: debit revenue accounting, credit expense
accounts, and credit (or debit if loss) retained earnings.
·
The
fiscal calendar will advance.
·
Periods
1 - 12 will move to prior year activity.
- After you're done, you should run and review the following
reports:
·
Trial
Balance for Balance Forward through Balance Forward -- to confirm that your
balance forwards are correct
·
Audit
Trail – to confirm that your Audit Trail entries are correct.
