Wow, how time flies when you're having fun! July has come and gone and now is the time to start thinking about Year End 2023! Can you believe it? We always recommend you go through our End of Period Procedures before the end of the year.
Ideally, you are doing some monthly procedures and closing your journal monthly. You can always run through these short procedures a few times a year, quarterly, halfway through the year, or even at year end. Even if you are not closing monthly, we want you to get to where you are at least closing at the year end.
The important thing to know is there are a few steps that have to be done before the end of the year (the rest can be done after).
See our full instructions on our support website under > Knowledge Base > End of Period Procedures.
I know getting started can be a little overwhelming. The first step you can take is to make sure you are caught up on your job costing. Call our support department for guidance - there are a few things we can spot check for you, and can give you a little homework.
Just know, all of the steps begin with making sure you are caught up on job costing. Catching up on your job costing is the number one, most important step in the process.
Here is what you'll need to look at:
Sales Screen:
- InProcess All List - this should be a list of sales that are still currently in process.
- Make sure there are no payments on Proposals. Once your customer makes a payment, the sale should be turned into an order.
- Make sure your receivables list is accurate. This should be a list of your completed sales where your customer still owes you money.
Materials Screen:
- No Bill List - this needs to be a list of materials that you are still waiting on a bill for.
Bills Screen:
- Current Bills List - should be a list of bills that you currently still owe.
We also have some fun tools to utilize, and always recommend running them before closing the journal or giving your accountant any financial reports. These tools do not change anything or finalize anything; they just run a report so you can see if things are saving correctly or if there are any problems.
Again, our full instructions can be a little daunting at first, but don't hesitate to reach out to us for help. We can break things down for you, or tell you what steps to take if you find a problem.
