Dear AccountMate Clients,
We generally only send out one AccountMate/NexLAN NewsLine per month, but wanted to remind everyone to sign up for the FREE webinars coming up next week – and we’ve included links to NUMEROUS whitepapers below to make this the smoothest year end closing you’ve ever had! As always, please don’t hesitate to contact us with any questions during the process.
Just in case you missed this in our April 2009 NewsLine: Most AccountMate installations are set to allow “two digit year entry” and the default setting in older versions is that “years less than 10 are for the 21st century and will begin with 20” and “years greater than or equal to 10 will begin with 19”. If you haven’t already changed this, then NOW is the time to update your system to push that window back to, say, “20” – so that two digit years up to “19” will be recognized as 2019. Where this is set varies slightly depending on the platform and version of your AccountMate installation, but look for this in your “Admin program” under “Century Setup” or “Company Setup.” If it’s not immediately obvious where the setting is at, feel free to give us a call for free 15 minutes of support and we can walk you right to it.
Please note NexLAN will be closed only December 25th and January 1st. Contact us for an “Emergency Off-Hours Contact List” if you don’t already have one.
Regards,
Kevin E. Stroud
NexLAN, LLC
https://nexlan.com
Free Period/Year/Payroll Closing Webinars
AccountMate is hosting FREE webinars in December on procedures for closing of fiscal periods, fiscal years, and payroll years. We expect these to fill up quickly, so please respond promptly with your preferred dates/times if you’re interested.
Period-End Closing in AM 7 will be held on December 14 from 12-1 CST, covering the recommended procedures to close the period in the subsidiary modules. It will also identify some common issues which may arise during the closing process and how to resolve them.
Closing the Payroll Tax Year in AM 7 will be held on December 16 from 12-1 CST and is specifically for closing the payroll tax year whether your fiscal year ends on December 31st or not. Also discussed are the reports affected by the tax year closing process.
Fiscal Year-End Closing in AM 7 will be held on December 18 from 12-1 CST to discuss the requirements and procedures for closing the fiscal year. Some tips to help effectively perform year end closing will also be discussed.
If you are interested in attending a seminar please hit <reply> to this e-mail, or send directly tonexlan@nexlan.com, with the date and webinar you would like to attend and we will be glad to get you registered. Seating is limited so please register early if you are interested.
Period End Closing Procedures
These articles discuss the recommended procedures for performing period-end closing and addresses frequently asked questions about this process. Period-end closing for the last period of the fiscal year must be completed before users can perform fiscal year-end closing in the General Ledger module.
Article 1257: Period End Closing Procedures in AM7
Article 1256: Period End Closing Procedures in AM6.5
Year End Closing Procedures
This article is intended to assist users in performing fiscal year-end closing. The fiscal year-end closing process requires that certain steps be done in the proper sequence. It is a function that is performed once a year and is a very important part of the accounting process.
This article provides instructions on how to close the fiscal year in AccountMate and addresses frequently asked questions about this process.
Article 1261: Year End Closing Procedures
Year End Closing Tech Tips
This article is a compilation of year-end closing tips to help you resolve without delay some issues your may encounter during your year end closing.
Article 1262: Year End Closing Tips
Common Closing Errors
It is possible that when performing the year-end closing process you will stumble upon a few system-generated errors. These errors, no matter how trivial, can stand in the way of an efficient and effective year-end closing. The below document aims to assist in evaluating and resolving some of the errors encountered when closing the period, transferring data to GL, generating the GL Transfer Report, or closing the fiscal year. It helps identify which setup needs to be corrected, or which record must be verified for missing or erroneous values in order to resolve the error.
Article 1258: Common Closing Errors
Performing W-2/1099 Year End Closing when the Company’s Fiscal Year does not match the Calendar Year
The complexities involved in having a fiscal year that does not coincide with the calendar year are most evident if you are using the Payroll module. You must perform W-2/1099 Year-End Closing in the Payroll module before you can close the December period. This has some effects on your Payroll system. What these effects are and what they mean to your year-end payroll preparations are discussed in the below documents.
Article 1260: Performing W-2/1099 Year End Closing in AM7 when the Company’s Fiscal Year is not the Calendar Year
Article 1259: Performing W-2/1099 Year End Closing in AM6.5 when the Company’s Fiscal Year is not the Calendar Year
Reports Affected by the W-2/1099 Year End Closing and Period End Closing for the Last Period of the Current Fiscal Year
These articles list the reports that will not be available after a tax year is closed; and identifies certain reports that provide limited transaction details following the last period-end closing for the current fiscal year.
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