Happy New Year!!
Makes you think of parties, resolutions and the hopes for a wonderful 2017.
Well us accountants – many of us are thinking about our fiscal year-ends. Interesting enough, the majority of our clients have Dec. 31 year-ends, so it is time to get down to business with Visual ERP.
I am sure you are getting everything organized so that your audit goes well. You want your year-end to go smoothly and to report your financial statements accurately. In an effort to help, we have prepared our 25+ checklist.
Here are seven pointers:
- Clear any old receivers that have not been invoiced by creating zero value AP invoices. You can find them by running PO Accrual Analysis under Costing Tools menu. Put ending date back a few months.
- Set up the calendar for the new fiscal year.
- Set up a new exchange rate. While most companies change rates monthly, some do this process once per year.
- Revalue your non-system currency balance sheet accounts. Make sure the Account at Native is correct first.
- Consider updating your standard costs. If your setting is standard costing, then you will need to book an entry for restating the inventory values.
- Write off any old outstanding/uncollectible receivables. Or at least make a bad debt provision.
- Ensure all packlists have been invoiced.
To get the 25 point checklist go to our website backtobasics.ca – downloads section. Click HERE
