JCS Computer Resource The weather is turning cooler, the trees are changing color. For most people this means fun with Halloween, Thanksgiving & Christmas holidays. For many of us this means getting ready for our accounting year-end, tax returns or audits. Here are 5 Easy Steps you can take NOW to help your year-end close go more smoothly: Review your Chart of Accounts for “Account type”. For example, if the account you code your hotel expense is set up as a “Cash” type account, fix it. It should be an “Expense” type account. This sounds obvious, but you would be surprised how often it happens; even to experienced accountants. WARNING: if you close your year-end with accounts set up with the wrong account type, it could cause your General Ledger to be out of balance. Very difficult & time consuming to fix. Clean-up Customer lists by looking at the last transaction date. If the customer hasn’t purchased from you in several years either call them & get some new business or make them inactive. If they are out of business or you no longer want to do business with them, make them “Inactive”. Use “custom fields” to include a reason for inactivating & your initials. Clean-up your Vendor lists, again, by looking at last transaction date. Ask yourself if this vendor works well with you, provides good prices and good service. If you bought one item from this vendor 5 years ago, make them Inactive. You probably won’t need them again. Include a reason for inactivating & your initials. Pretend you must close the year TODAY! Are there any “hanging issues” or problems you’ve been putting off? Dig into them now & get them resolved correctly. Waiting until December, may not give you the time you need to resolve all the issues in the best possible way. Put it in writing…make a checklist of year-end procedures (assuming you don’t already have one). Think about how year-end went last year… What did you do really well? What did you stumble on? Share your checklist with your team. Maybe they have ideas you hadn’t thought of. Where can you make improvements in the process? If you need help, ask JCS Computer Resource 800/475-1047 jcscomputer We help make the software work for you!
Posted on: Thu, 24 Oct 2013 16:37:48 +0000
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