Protrax Year-End Tips & Tricks
Year-end can be a very stressful and confusing time for most companies, and one of the items that seems to be
most confusing is how and when to close your General Ledger (GL).
Here are some tips to make a smooth transition from 2008 to 2009.
- Verify all entries are entered and posted. Verify the journal does not contain rejected entries for the
current year.
- Reconcile General Ledger.
- Print the appropriate month-end and year-end reports that are required by your company.
- As part of the reconciliation process, it is important to make sure that the balance of the suspense
account is zero. The Close Fiscal Year task will not clear the suspense account, which could affect the retained
earnings entry.
- Do not run the Close Current Period task, since the Close Fiscal Year task closes the final period of the
fiscal year.
***Axium recommends that you make a backup folder right before you close your fiscal year. Make a copy of
your entire data folder and name it the year you are closing, i.e., 2008. This makes financial reporting for the
previous year a lot easier.***
Although you are allowed to post entries to future periods, there are limitations for standard financial
reports as noted below:
- You are NOT able to print the Trial Balance or Financial Statements for periods in the new fiscal
year because there is no Roll Forward feature.
- You can print the Year-to-date Ledger, by marking the specify date range field. This will allow you to
enter a start and end date.
- Closing entries are not reflected in the activity field for the last month of the fiscal year. This allows
Protrax to retain the actual activity totals for the last period of the fiscal year for comparative reporting
purposes.
- Axium recommends closing the year before year-end adjustments. This allows you to continue to provide monthly
financial reports to your firm’s management while waiting for any prior year adjustments from your CPA.
We have a number of KB articles to help you through the process of
year-end.
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