Adjutant End of Year Guide

Modified on Tue, 03 Nov 2020 13:01 by Freddy Donovan — Categorized as: General Ledger


OVERVIEW

This guide contains the recommended procedures for preparing for and completing your end of year procedures in Adjutant. The guide assumes a calendar (January through December) year structure with December as the end of year month. For customers with a different fiscal calendar setup, simply adapt the procedures in this guide to your calendar.

The guide is categorized by pre-end of year preparation steps and actual end of year closeout steps. Not all of the steps will apply to all customers. The steps presented are the best practice procedures for most customers and may not reflect every customer’s end of year needs. This guide is also not meant to be an all-inclusive guide for every customer. Some customer’s unique required end of year reporting procedures may not be included.

ABIS Consultants are available to help with any of the topics presented in this guide.  

PREPARATION FOR END OF YEAR



PEFORM AN INVENTORY CYCLE COUNT

ABIS recommends performing a full inventory physical count at least once a year. Performing a full inventory count at end of year is popular because it offers the opportunity to start the new year with a clean inventory. However, the timing of a full inventory cycle count is up to the individual customer’s operational realities.

Performing a full inventory cycle count at the end of the year, after all current year business is complete – but before the new year begins – offers the following advantages:
The Cycle Count screen can be used with wireless scanners to complete a paperless count, or it can be used to generate count sheets for a manual count. Pending counts can be completed in batches or all at the same time. Once counts have been entered, either by entry on the ‘Pending Counts’ tab, or by entry via wireless scanners, the counts must be finalized, or committed.

Once the counts are committed from the ‘Completed Counts’ tab, an accounting batch is created for any inventory value adjustments and the inventory records are updated with the current count.

For more information on the Cycle Count screen, refer to the following Wiki:



CLEAN UP UNBILLED PO RECEIPTS

The Unbilled PO Receipts report should be run throughout the year as a regular procedure to spot check for purchase order receipts that may need attention or correction. However, at end of year, it is important to perform a deep-clean of the report and remove any lingering purchase order or accounts payable issues that have remained on the report throughout the year and need attention.

This end of year deep clean can have several benefits:
Run the Unbilled PO Receipts report without any filters to see a complete picture of purchase order receipts that do not have a linked accounts payable invoice entry. The report has both Summary and Detail modes, as well as a DrillDown mode for working directly on screen.

The Close Unbilled PO Receipts utility is also available for quickly writing off the PO Clearing values to an offset GL account. Depending on the scenario, the correct clean-up procedure may or may not involve creating accounting, or it may or may not involve voiding or reversing an existing record. Pay close attention to each situation and take the appropriate action to correct each situation individually.

For more information on the Unbilled PO Receipts report, refer to the following Wiki:



RECONCILE & BALANCE KEY GL ACCOUNTS

There are several general ledger account balances that should be reconciled against their corresponding operational reports (that do not use GL data) on an ongoing basis. Reconciling the following systems on an ongoing monthly (or more frequent) basis helps find potential operational or personnel surprises while they are still current. Generally speaking, there are many more options available for correcting a situation before the situation gets to be months (or worse) old.

For all reconciliations, all unposted batches should be posted prior to reconciliation, and a clean cutoff should be established for the comparison.





 

REVIEW AND PREPARE 1099 DATA

Vendor 1099 reporting is based on A/P Invoices that have been paid to vendors with a valid 1099 Type established in their organization’s Remit To screen. Before the year is done, take some time to review the current year’s 1099 setups and paid invoice totals to locate any missing vendors or invoices.


For more information on the Print AP 1099s screen functions, refer to the following Wiki:

 

UPDATE THE FISCAL CALENDAR FOR THE NEW YEAR

The Adjutant Fiscal Calendar drives the reporting periods throughout the accounting system. A Fiscal Calendar record must be created for every reporting period in every reporting year.

Setting up the new year’s Fiscal Calendar and General Ledger account balance records is a simple process. Fiscal Calendars can be added for future years at any time.


REVIEW THE FISCAL CALENDAR CLOSED/LOCKED STATUS

Review the current year and any prior years’ fiscal calendars to ensure that all months are accurately closed and locked. Any previously closed fiscal periods should be marked as ‘Locked’ if posting is no longer allowed for that period.


UPDATE THE WORKING CALENDAR FOR THE NEW YEAR

The Working Calendar is used to calculate available working days for task management features, production scheduling, and some reporting features.

A ‘Working Calendar Ends in Less Than 60 Days!’ message will begin displaying upon log in when the calendar needs to be updated. To quickly update the Working Calendar:


REVIEW POSTING WINDOW CONTROLS

The Posting Window controls are used to prevent general ledger posting transactions outside of the approved posting months. The Posting Window can be set to a short range of just a month or two, or it can be set to include the whole year. Any posting date that does not fall within the Posting Window date range will be prevented.


OTHER END OF YEAR ACTIVITIES

The following items are recommended activities for good data maintenance habits to promote a lean operating environment with fewer obsolete records.




The following items are recommended but may not apply to all customers.







 

END OF YEAR CLOSING PROCEDURES

Closing the accounting year in Adjutant is as simple as clicking a button.

CLOSE THE END OF YEAR FISCAL PERIOD

Closing the end of year fiscal period and closing the fiscal year are two separate steps.

When you are ready to close the last fiscal period of the year (December for most clients):


CLOSE THE FISCAL YEAR

When you are ready to close the year, first access the Close GL Period and Year screen and use the ‘Close Period’ button to close the fiscal period just like the previous step. The Current GL Year will display the fiscal year that needs to be closed.

RE-OPENING AND RE-CLOSING THE YEAR

If any fiscal periods need to be re-opened for posting, you can edit and clear the ‘Closed’ and ‘Locked’ checkboxes for the period in the ‘Fiscal Calendar’ tab in CID Maintenance.

After the adjustments have been made, follow the procedures above to re-close the affected period(s).

To re-close the year after making adjustments:


If you need assistance with any of these procedures, don’t hesitate to contact your Implementation Consultant.