The end of the year should be the time to review your business for future planning, and your Practice CS software plays a key role in that review and planning process.
As the end of the year approaches, we typically receive an increase in calls asking what needs to be done to “close the year” in Practice CS. The answer is that Practice CS doesn’t really require any year-end procedures. You simply create a new period like you would for any other month.
Here are a few items that should be considered at year-end:
- Create a backup to save to an archive location or DVD.
- If your firm uses Project Management, check the generation patterns for your project templates. Are your templates set to generate with appropriate generation options a number of days/months before the next occurrence, or when you manually create them? The beginning of the year is a perfect time to manually create new projects if your template is configured this way.
- If your firm is licensed for Staff Management and tracks staff benefits, you’ll need to create a new firm benefit year in Setup > Firm > Benefits tab after advancing the year into 2014. Before advancing the benefit year, you’ll want to verify each staff member’s ending benefit balances using the Staff Benefit Summary report available from File > Print Reports under the Staff Management heading.
- Clear any non-billable time that is entered against clients. The Billing Worksheet report will show you only non-billable time if you filter for non-billable activities only, and mark the Include Non-billable checkbox in the Layout tab of the report options. After reviewing the Billing Worksheet, choose Actions > Billing and detail bill any client that has non-billable time to relieve. On the Detail Billing screen, click the Nonbillable tab, right-click and choose Select All, and click Save. Non-billable time can also be relieved as part of regular invoicing.
- Print the WIP and A/R Summary reports and view client balances to determine what should be written off in the current year before moving forward. These reports can be detailed to show each client’s balance at the end of the year.
- Print year-end reports to FileCabinet CS. Reports to consider printing include the Period Reconciliation, WIP Summary, and A/R Summary reports.
- Enter left dates for clients that have left your business to allow you to filter for a current client list. Also, enter left dates for staff who are no longer with the firm to keep your active staff list current and free up licenses for new staff members who have joined the firm and will need to access Practice CS.