End of Year Procedure

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End of Year Procedure

Readysell
June 3, 2011

Below is a brief point-form summary of what needs to be done in respect to the End of Financial Year.

IMPORTANT: Please make sure that a End Of Financial Year Backup is done and Removed from your Current Backup set and KEPT

SITES THAT ARE NOT RUNNING READYSELL GENERAL LEDGER

Please follow steps below:

  1. Set up a folder on the main drive on the server and call it something like ‘EOYJune2011’ and archive all relevant reports into there.
  2. If you are doing a stock take please ensure that you have printed and archived a stock on hand report BOTH BEFORE AND AFTER THE STOCKTAKES.
  3. Ensure that you have printed and archived The Stocktake Variance reports
  4. Ensure all data for the last day in June is completed and dated and entered correctly into Readysell.
  5. At end of Trade on the 30/6/2011 Run a Stock On Hand Report, Print it as well as ARCHIVE it into a safe folder on your hard drive.
  6. Print out whatever other relevant reports that you may require in respect to sales, stock on hand, etc.
  7. You may not run your debtors or creditors end of month as yet as you are probably waiting to download your bank statement early the next morning as you will have direct deposits and electronic transfers and miscellaneous transactions dated up to 30/6/2011.
  8. If this is the case, then the next step would be at end of trade on the 30/6/2011 please ensure that a number of BACKUPS are done.
  9. Firstly the normal backup then another backup and keep it off site as well as label it.
  10. If you require the data to be backed up into a separate database as well please contact Readysell.
  11. Early the next morning on the 1/7/2011 no transactions in sales or purchasing should be backdated into June 2011.
  12. Unless of course if your company policy for Suppliers is different and you allow the first week of the next month for supplier invoicing.
  13. Bear in mind if you are receipting supplier invoices re stock on hand, the stock on hand figures on the stock on hand report that was run 30/6/2011 will not change due to the back dating.
  14. Down load your bank statement and enter all deposits and payments and misc entries that have not yet been entered into Readysell for June and date them the DATE (JUNE) as per your statement.
  15. These can be backdated as you have not yet run your Debtors Trial Balance or Statements.
  16. Allocate the payments then run through your normal End of Debtors process.
  17. Remember to archive debtors trial balance and debtors statements and transaction listing.
  18. Make sure you do you last Bank Reconciliation dating it month ending 30/6/2011.
  19. Please ensure with Bank Reconciliations that you do not present any forward dated transactions into the end of financial year bank reconciliation.
  20. Print out your both Bank Reconciliation Reports and attached them to the bank statement.
  21. Any customer payments that are received on the 1st July 2011 can be entered but please DO NOT ALLOCATE THEM until the trial balance and statements have been run for JUNE 2011.
  22. As for suppliers if you do not cut off exactly on the 30th June 2011, then please ensure you DO NOT RUN A CHEQUE RUN for July until you have finalised June and run and archived your Supplier Trial Balance. If you do need to pay suppliers in July, then don’t do a cheque run whereby allocation is automatic, enter the payments as manual SUPPAY and date them July BUT DO NOT ALLOCATE THEM IF YOU HAVE NOT CLOSED OFF SUPPLIERS FOR JUNE.

SITE THAT ARE RUNNING CASHBOOK AND GENERAL LEDGER

Please follow steps below:

  1. If you are doing a stock take please ensure that you have printed and archived a stock on hand report BEFORE AND AFTER THE STOCKTAKES.
  2. Also ensure that you have printed and archived the Stocktake Variance reports.
  3. Ensure that all data is entered and dated correctly for the last day in June is completed in Readysell.
  4. Ensure that all transactions that physical reduce or increase stock like stock adjustments, stocktakes, sales, purchasing, credit requests, stock transfers are entered prior to Running Your End of Year Stock on Hand Report.
  5. At end of Trade on the 30/6/2011 Run a Stock On Hand Report, Print it as well as ARCHIVE it into a safe folder on your hard drive.
  6. Print out whatever other relevant reports that you may require in respect to sales reports, stock on hand, etc.
  7. You may not run your debtors or creditors end of month as yet as you need to download your bank statement early the next morning as you will have direct deposits and electronic transfers and miscellaneous transactions dated up to 30/6/2011.
  8. If this is the case, then the next step would be, at end of trade on the 30/6/2011 ensure that a number of BACKUPS are done.
  9. Firstly the normal backup then another backup and keep it off site as well as label it.
  10. If you require the data to be backed up into a separate database as well please contact Readysell.
  11. The next morning on the 1/7/2011 no transactions in sales or purchasing should be backdated into June 2011.
  12. Unless of course if your company policy for Suppliers is different and you allow the first week of the next month for invoicing.
  13. Bear in mind if you are receipting supplier invoices and stock on hand, the stock on hand figures from the stock on hand report that was run 30/6/2011 will not change due to the back dating.
  14. Down load your bank statement and enter all deposits and payments and misc entries that have not yet been entered into Readysell for June and date them the DATE (JUNE) as they are on your statement.
  15. These can be backdated as you have not yet run your Debtors Trial Balance or Statements.
  16. Allocate the payments then run through your normal End of Debtors process.
  17. Remember to archive debtors trial balance and debtors statements.
  18. Make sure that the last Bankrec for Each Bank Account is dated and extracted to 30/6/2011.
  19. Please ensure with Bank Reconciliations that you DO NOT PRESENT/TAG any forward dated transactions into the end of financial year bank reconciliation.
  20. Print out your both Bank Reconciliation Reports and attached them to the final bank statement for that financial year.
  21. Any customer payments that are received on the 1st July 2011 can be entered but please DO NOT ALLOCATE THEM until the trial balance and statements have been run for JUNE 2011.
  22. As for suppliers if you do not cut off exactly on the 30th June 2011, then please ensure you DO NOT RUN A CHEQUE RUN for July until you have finalised June and run and archived your Supplier Trial Balance. You can enter manual Supplier Payments and date them July BUT DO NOT ALLOCATE THEM IF YOU HAVE NOT CLOSED OFF SUPPLIERS FOR JUNE.
  23. The General Ledger is an overnight process which runs as part of the End of Day Backup. So that means that all data entered into Readysell on the 30/6/2011 will update the General Ledger and Generate Journals sometime after trade and ready for reviewing the next morning.
  24. Check the General Ledger the next morning and Print off a Profit & Loss, Balance Sheet and General Ledger Trial Balance.
  25. Ensure you archive these as well.
  26. The general ledger does not have to be closed off at the end of June. It can be left open for Manual Journal Entries or Miscellaneous Debits and Credits into Customers or Suppliers that have no physical affect on Stock on Hand only Miscellaneous Expenses.
  27. Ensure that you have run your General Ledger Postings Report and compared it to your source modules of Sales, Customers, Suppliers and Cash Book (General Ledger Balancing Act).
  28. Ensure that at the beginning of the next month you have closed your financial Period to prevent Back Dating.
  29. Once you are ready to close off the financial year, you will need to rerun your 3 general ledger financial reports, send them off to your account to be reconciled.
  30. Usually your account will provide you with a reconciling journal for that financial Period.
  31. That journal needs to then be entered into Readysell in the right Period.
  32. Then you need to contact Readysell so that you can run and clear that financial year (P&L Appropriation Process).