Specifications

10  Lesson 7 Computer Tutorial 3
TOPIC 7.5
Year-end procedures
One major benefit of using Accpac is that year-end procedures are significantly simpler than
with a manual general ledger. However, a systematic approach is necessary to ensure all the
steps are followed and completed efficiently.
Recommended year-end procedures
Following are the recommended year-end procedures for the general ledger:
1. Complete the month-end procedures for the last month of the fiscal year. Once
completed, no batches should be outstanding and all posting journals should be
posted.
2. Print the unadjusted year-end trial balance. (See Lesson 2.)
3. Review the trial balance to determine if any year-end adjustments are necessary, such
as bad debts, amortization, inventory writeoff, and accruals.
4. Enter the adjusting transactions into a batch. Print the batch listing. (See Lesson 3.)
5. Back up the general ledger data. (See Lessons 2 and 7.)
6. Post the adjusting transaction batch, then print the posting journal. (See Lesson 4.)
7. Print the adjusted trial balance. (See Lessons 2 and 5.)
8. Print the year-end financial statements. (See Lesson 6.)
9. Optionally, you may wish to print the transactions listing for the entire year at one
time. This will facilitate the annual audit. (See Lesson 5.)
10. Perform a data integrity check at year end. (See Lesson 7.)
11. Collect the batch listings, posted journals, final adjusted trial balance, year-end
financial statements, and transactions listing for the last month (or year) in a file
folder. This file forms the year-end file for the fiscal year.
12. Create a new fiscal year.
13. Close the general ledger. Back up the general ledger and store the backup files with
the listings and printouts from step 11. Ensure you have an extra backup of your data
files for storing in a secure off-site location.