Best practice: Year end processing

[johnhugh]

Hi,

We're running Accpac 5.5 PU3.
I'm not an accountant but would like to know what's best practice for year end processing?

From reading through help I figured I have to:
-Post or delete outstanding batches
-Create new your in Common Services
-run "create new year' under G/L periodic processing

From what I understand I can create a new year in Common services any time I want. Rolling over the GL however must obviously not happen before month end December is complete?
Or can I still do month end processing in December after the GL has been rolled over?

 

[Jay Converse]

It's that simple. If you roll over GL, you can still do December '10 posting if you have "Allow posting to previous years" checked in GL setup.

 

[DjangMan]

And just confirm that you are keeping at least 7 years of history in G/L, Setup.

 

[johnhugh]

Thank you for your replies.

Sorry if I'm going into detail here:

If I roll over GL it transfers my balances of income and expense accounts to retained earnings.
If I then still do postings in December, I presume they are then not transfered to retained earnings and I have to do this manually?

 

[DjangMan]

When you post to December Accpac will automatically create an additional closing entry for you. In this way your year stays closed and your retained earnings account(s) is(are) updated as required.

 

[johnhugh]

Excellent! Just what I wanted to hear.
So I can start working in the new year without having to wait for December to be closed off.

Thank you!

 

[AndyTX]

We've posted a tutorial video for Sage Accpac year-end closing procedures on our web site that might help you.