Year-End Accounting

Year-End Accounting

Closing Out the Accounting Books - Fiscal Year End


When you are ready to close out your previous year, you will need to complete the Year End Checklist.
IMPORTANT: Do NOT complete your Year End Close until after you have finished entering ALL transactions for your current fiscal year.
Once you close your books, all new entries will be tagged to your new fiscal year. 
  1. Go to Accounting / Year End.
  2. Complete each step in the checklist.
  3. Set the date for the year end close date (the last day of your fiscal year that just ended).
  4. the Next Year Ending Date should populate to your next year's fiscal year end date.
  5. It is recommended you print and/or download your financial reports 
  6. Hit the GO button at the bottom.
Once you hit "GO" you CANNOT reverse the process.  Refer to the other Help Solutions and the links provided for information on completing each step in the year end closing process.




After completing your year end close:
  1. Go to Accounting/Configuration and set the 'Current Fiscal Year Dates' to the new dates for your financial year.
  2. Click the Save button.

Account Credits - Year End Close for Accounting

Account credits are credits on a user's account that can be used towards future purchases. 
More Information on Account Credits

At the end of the year, it is advisable to review any account credits and to determine if they should be cleared. 
  1. Go to Accounting / Year End.
  2. From the checklist, select the hyperlink "review the details here" for the account credits.
  3. Review the list of account credits.



Review the article on Account Credits for instructions on how to remove an account credit.


Orders with a Balance Due & NO Payments


Orders that have been placed and have NO payments or partial payments recorded against them, will be rolled into the new fiscal year. No action is needed if you want to roll these orders into the new year. The accounting ledgers are only adjusted when money is received.

When reviewing the list of Orders with Balance Due, it is important if this is your first year closing out your accounting year, that you adjust the dates of the report to include orders from previous years.  Change the date range for the From to go back several years.

To edit an order, click on the order number.







Orders with Overpayments


Reviewing Orders with Overpayments is one of the tasks that is recommended prior to closing the books at year end. These orders will rollover to the new fiscal year with the status of overpayment.
  1. Go to Store & Forms / Orders
  2. In the dropdown listing, select Orders with Overpayments and click 'Refresh' 
  3. Review the list of Orders with Overpayments.

You can either edit the order to bring your books into balance, or refund the overage.
  1. To edit an order, click on the order number.  When you are editing the orders, be sure to choose a date that is in the correct fiscal year for the adjustment.
  2. To refund an order, click on the order number.   Select the blue "manual refund" button next to the Overpayment amount and complete the refund information.


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