Year-End Closing

Before You Begin Year-End Procedures

Regardless of when you close your year, we highly recommend you complete the following global-level tasks before you begin year-end procedures for your individual modules.

  1. Back up your data by selecting Option > Back Up Company/Organization > Back Up from the Main Menu/Controller menu bar.
  2. Create a history company/organization from which you can access historical reports and such for future reference without having to restore your old data.
    For CMS Professional, select Start > All Programs > Cougar Mountain Software > Copy Company/Organization Utility from the desktop menu and follow the onscreen instructions.
    For DENALI, contact customer support for assistance.
  3. Back up your history company/organization and store this back up offsite. You might also consider using iVault as part of your disaster recovery process.

 

Accounts Receivable

    1. Run all Accounts Receivable reports and file them in a secure place for future reference. In DENALI, you may print your reports to PDF for electronic storage.
    2. Print Customer Statements immediately before purging.
    3. Select Purge Open Items from the Period End menu.NOTE: Purging Open Items permanently erases statement data. If you have both Open Item and Balance Forward type accounts, this step will have a different affect depending upon the AR code type. Either leave the default settings to include all customers or select a customer and/or AR Code range to purge. Then, set the date you want to purge up to and including. *For Open Item type accounts, purging removes all open items with a zero balance.*For Balance Forward type accounts, purging merges all statement detail into one balance forward amount.
    4. Select Reset YTD Customer Totals from the Period End menu to clear and reset year-to-date customer totals. It is necessary to reset the accumulators to zero if you are keeping track of year to date customer balances. Select OK to process, or Cancel to exit without processing. This must be done before activity is posted in the new year to provide accurate year-to-date balances.
    5. Purge history: This utility removes all history data up through the date you specify. Purging history is not required, but we recommended it if you want to increase available hard drive space. Select Period End > Purge History from the menu bar. Enter the date you want to purge data up to and including. This process permanently erases your data from the system.

    Accounts Payable  

    1. Run your Accounts Payable reports and file them in a safe place for future reference. In DENALI, you may print your reports to PDF for electronic storage.
    2. Update monthly balance history: This utility calculates the total credits, debits, and difference as of the date run for your accounts payable. This generates a snapshot of the totals and uses these amounts in the Monthly Balance History report. Select Period End > Update Monthly Balance History from the menu bar and follow the onscreen instructions.
    3. Process prepaids and futures: This utility selects all prepaid and future liability expenses that have reached their expense dates, and transfers the expense from the holding account to the expense account. Select Period End > Process Prepaids and Futures from the menu bar and follow the onscreen instructions.
    4. Purge open items: This utility removes all items with zero remaining. For example, an invoice that was entered and subsequently paid will have an amount remaining of $0.00 is removed.NOTE: This will not affect history files. Select Period End > Purge Open Items from the menu bar and follow the onscreen instructions.
    5. Purge history: This utility removes all history data up through the date you specify. Purging history is not required, but we recommended it if you want to increase available hard drive space. Select Period End > Purge History from the menu bar. Enter the date you want to purge data up to and including. This process permanently erases your data from the system.
    6. Purge monthly balance history: This utility clears monthly balance totals. If you wish, you can enter new monthly balance totals by selecting Options > Setup Monthly Balance History from the menu bar and following the onscreen instructions.
    7. Reset YTD vendor totals: This utility resets the year-to-date totals for your vendors to $0.00. The current YTD payment amounts are transferred to the Last Year field on the 1099 tab of the AP Vendors window. You must do this before you enter activity for the next year to product accurate YTD totals. Select Period End > Reset YTD Vendor Totals from the menu bar and follow the onscreen instructions.
    8. Remove temporary vendors: This utility deletes all vendors whose status shows temporary in the AP Vendors window, but only if their balance is $0.00. This eliminates vendors you used once and want to omit from your vendor files. Select Period End > Remove Temporary Vendors from the menu bar and follow the onscreen instructions.NOTE: In order to be able to remove any vendor by this means, the Secure Vendor check box in Module Preferences must be unchecked.

    Inventory

      1. Print your Inventory reports and file them in a secure place for future reference. In DENALI, you may print your reports to PDF for electronic storage.
      2. Clear variance amounts: This option only applies if you are using Standard Cost as your valuation method. Select Period End > Variance Amounts from the menu bar and follow the onscreen instruction.
      3. Purge history: This utility removes all history data up through the date you specify. Purging history is not required, but we recommended it if you want to increase available hard drive space. Select Period End > Purge History from the menu bar. Enter the date you want to purge data up to and including. This process permanently erases your data from the system.

        Order Entry

        1. 1. Reset Credit Card Codes: This feature moves the value in the current month down to period one, the amount that was in period one moves to period two, and so on. The current month is set to zero to begin accumulating credit card sales for the current period. Select Period End > Reset Credit Card Codes from the menu bar and follow the onscreen instructions. 
        2. Purge deposit journal: Purging the deposit journal removes unwanted transactions from the deposit journal. Running this option purges all completed transactions that have a transaction date older than the purge date specified. There is no need to purge except to reduce the amount of hard disk space occupied by the Order Entry data files.
        3. Purge history: This utility removes all history data up through the date you specify. Purging history is not required, but we recommended it if you want to increase available hard drive space. Select Period End > Purge History from the menu bar. Enter the date you want to purge data up to and including. This process permanently erases your data from the system.

        Payroll

        This information is specific to the CMS Professional Payroll module.

        1. Print your Payroll reports, including copies of W-2s and other tax reports, and file for future reference.
        2. Payroll period-end processing clears the database of all open items for each employee, adjusts the employees' totals for the next year, and prepares for the coming year. You have three months following the end of the calendar year to process your payroll year-end before you will have conflicts with newly posted data. This is because the Payroll module saves data for 15 months total.Select Period End > Close Year from the menu bar and follow the onscreen instructions.
        3. Purge history: This utility removes all history data up through the date you specify. Purging history is not required, but we recommended it if you want to increase available hard drive space. Select Period End > Purge History from the menu bar. Enter the date you want to purge data up to and including. This process permanently erases your data from the system.

        Purchase Order

        1. Post current transactions and complete all final payroll processing.
        2. Print all reports for the time you intend to purge. In DENALI, you may print your reports to PDF for electronic storage.
        3. Purge history: This utility removes all detail data prior to the date you specify. There is no need to purge your history, but you may elect to if you would like to reduce the amount of space occupied by your data files, or if you want to speed up your sorting and report-generating processes. Purging history is not required, but we recommended it if you want to increase available hard drive space.

        Select Period End > Purge History from the menu bar. Enter the date you want to purge data up to and including. This process permanently erases your data from the system.

         

        General Ledger

         

        1. Run your General Ledger reports, especially the Audit Trail and Trial Balance, and file them in a secure place for future reference. In DENALI, you may print your reports to PDF for electronic storage.
        2. Close funds: For nonprofits, close your individual funds by selecting Year End > Close Funds from the menu bar and following the onscreen instructions.
        3. Close year: Close the year by selecting Year End > Close Year from the menu bar and follow the onscreen instructions.NOTE: Do not run this option until after all entries and adjustments to the GL are complete and year-end processing is complete in all other applications. After you have finished printing your reports, you are ready to close the year in General Ledger. This process posts the closing entries, rolls the fiscal calendar forward to the next year, and compacts the audit trail detail into balances forward for each account.
        4. Verify accounts: After completing the year-end procedures, print a new Trial Balance for the year and compare it to the one you printed before processing. Note the zero balances in the operating accounts and the change in the account balances.
        5. Purge history: This utility removes all history data up through the date you specify. Purging history is not required, but we recommended it if you want to increase available hard drive space. Select Year End > Purge History from the menu bar. Enter the date you want to purge data up to and including. This process permanently erases your data from the system.

         

         

         

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