Resource Information and Control Corporation

Accounting Year End

Getting There: Accessing this application is done by double clicking on the AccountingYear End icon in the Accounting main menu.

Purpose: Accounting Year End is used to perform all the tasks required to end the current fiscal year and start the next year. Since ConCentRICs Accounting is an on-line, real time system, the year end process is very simple. All of the real accounting work takes place at the source when the accounting transactions are originally entered. These transactions are placed in journals which should be reviewed daily. This not only audits the transactions and monitors the work being done but it also allows you to spot any problems as they occur and not weeks later. Using the Accounting Month End application, the entire work for each month is reviewed and analyzed during the year. So when it comes time to Year End, it really is nothing more than basically moving the appropriate information from the current year to the next fiscal year.

HINT: You can position your mouse pointer over any of the icons below to see a brief text-only description on that application.

Accounting Year End Modules Overview

Journal Status is used to review all the non-posted transactions. Any journals that still have transactions that need to be posted will be listed on this report. You can post the journals from this option. Any user who has access to the Year End menu can access this option.
Security Level: To view - Read Only.

Double clicking on the Journal Status icon will bring up the Journal Status report.

Any journals that still have transactions that need to be posted will be listed on this report.

You can post the journals from this option.There are two ways to post the transactions in these journals. You can go to the respective journal and do it there, or double click on the journal name in this report. That will automatically start the posting option for that journal.

New Year File Copy is used to copy required files from the current year to the new fiscal year. This is the only option in Year End that is required at two different times in the accounting process. The first, is when your are ready to start the budget process for the new year. The second time you would use this option is at year end time. Any user who has access to the Year End menu can access this option.
Security Level: To view - Read Only.

Double clicking on the New Year File Copy icon will bring up the New Year File Copy dialog box.

The following is a break down of the dialog box:

The Copy files to this fiscal year combo box contains all fiscal years defined to the system.

The Select the files below to copy list box displays each file in the current year that may be required in the new fiscal year.

The Files that have been copied list box will be blank until files have been copied over and then will appear to confirm after the process is complete.

Click on the button and a warning box will appear to confirm that you actually want to do the process.

Click on the button and the process will be completed.

When you done copying files you will be returned to the New Year File Copy dialog box. Click on the Cancel button to clear this module.

Close Out Rev/Exp is used to automatically close out the revenue and expense accounts to the fund balance or equity account. It will add up all the revenue and expense accounts and will post the resulting balance in the specified account. This posting will be to the opening balance of the account in the new fiscal year. Any user who has access to the Year End menu can access this option.
Security Level: To view - Read Only.

Double clicking on the Close Out Rev/Exp icon will bring up the Close Out Rev/Exp dialog box.

The following is a break down of the dialog box:

The Fund Balance / Equity field indicates the account number that will be used to post the results of all revenues and expenses.

The Change Account Number button is used to select an account number.

The Next Fiscal Year combo box contains all fiscal years defined to the system.

Click on the Change Account Number button and the Account Number Selection dialog box appears.

If you change the account, and have already run New Year Open Bal, then you have to run it again.

Back on the Close Out Rev/Exp dialog box, click on the button and a warning box will appear to confirm that you actually want to do the process.

Click on the button and the process will be completed.

New Year Open Bal is used to copy the year end balances of any account that is not a revenue or expense account. They will be copied to the opening balance of the same account in the new fiscal year. This option will only affect the opening balances of the new year and will not change the current year in any way and will not affect any postings already made to the new year. Any user who has access to the Year End menu can access this option.
Security Level: To view - Read Only.

Double clicking on the New Year Open Bal icon will bring up the New Year Open Bal dialog box.

The following is a break down of the dialog box:

The Next Fiscal Year combo box contains all fiscal years defined to the system.

Click on the button and a warning box will appear to confirm that you actually want to do the process.

Click on the button and the process will be completed.

Misc. Inc. 1099 Form is used to show the amount of money paid to particular vendors over a period of time, usually a calendar year. The specific government form is used to report income of anyone that has received income that would not otherwise be reported on a W-2 statement. This will report on all vendors for the current fund, regardless of the checking account used. You must have a security level of Manager or higher to create 1099 forms.
Security Level: To view - Read Only. To create the 1099 form - Manager.

Double clicking on the Misc. Inc. 1099 Form icon will bring up the Misc. Inc. 1099 Form dialog box.

The following is a break down of the dialog box:

The All Qualified Vendors option will consider every vendor.

The Vendors with Fed Ids option will consider only vendors that have been setup as vendors and have a Vendor ID number assigned.

The Vendors with 1099 Flag option will consider only vendors that have with a Yes in their 1099 flag.

The Fed Ids and 1099 Flags option will consider only vendors that require both a Fed Id and 1099 flag.

You can sort the Misc Income by either Vendor Id, Vendor Name, Zip/Postal Code,Amount Ascending or Amount Descending order.

The First Fiscal Year combo box contains fiscal years to choose from.

The Tax Year field is used to set the tax year.

The Start Date and End Date fields are used to set a date range for the report.

The Minimum Amount field is used to indicate the minimum reporting amount.

The Facility Name button is used to perform a standard Name and Address search to find a vendor.

The Include all Checking Accounts as one check box, if checked, will include all checking accounts.

The Include all Accounting Funds as one check box, if checked, will use all funds defined for the current organization.

Click on the button and the requested report will be generated.

[This scrollable report is shown in two parts because of size constraints.]

If you want to print any report, click on the printer icon on the tool bar and the Print Payment Request will be displayed.

Your have four options for printing out requesed reports.

The Print summary as shown option will print the summary of requests just as it appears.

The Misc. Income 1099 Alignment Form option is used to print a sample form to check for field alignment.

The Print Misc. Income 1099 Form option is used to print out actual forms.

The Create Misc. Income 1099 File option will create a ASCII data file to produce a form with a third party program.

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Phone: (260) 432-0799
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Last Modified: Saturday, January 02, 2010 at 12:00 AM.