Close year tips...

The end of the year is just around the corner. Here are some tips for preparing your GP database for the New Year:

1) Create a backup.
2) Check all of your GL accounts to make sure P&L & BS accounts are set up correctly (otherwise P&L accounts won’t roll to retained earning properly).
3) Close in the appropriate order, generally:
a. Inventory
b. Receivables Mgmt
c. Payables Mgmt
d. Fixed Assets
e. Payroll
f. Any additional products that have close year processes. You will want to consult those product manuals for close year order (i.e., Manufacturing may have a close that occurs before inventory)
g. GL
4) Review each module for special steps related to calendar year close versus fiscal year (if different) such as generating 1099’s in AP or W-2’s in Payroll.