Keep these quick tips in mind when closing the year for your client in Accounting CS:
- Be sure to move the posting period to the correct year. The years available for selection are based on the years specified in the Period End Dates dialog and can include one future year and an unlimited number of prior years.
- With Accounting CS, you have the opportunity to carry forward tickmarks. When you mark the Carry forward tickmarks checkbox, Accounting CS copies all tickmarks associated with a general ledger account from the current year to the new year.
- In the Year End Close dialog, specify how you want to handle budget amounts in the year to which you are advancing. Next, choose any applicable closing options and click OK.
- If the Zero account balances checkbox is not marked, a subsequent Year End Close dialog opens. In this dialog, you can distribute Net Income to one or more equity accounts and close balance sheet accounts from one account to another. Once you have selected your distributions for Net Income, the application will retain that data and pre-fill it each time you cross the fiscal year-end line.
- We’re all human. If any errors are made during the year-end close, such as accidentally zeroing out account balances or distributing the Net Income to the wrong account(s), never fear! Simply change the posting period back to the last one of the prior fiscal year and then select the Advance Posting Period icon in the row of icons at the top of the page. Now you can redo the Year End Close and make any necessary corrections.