The time for Year End processing in ProfitMaker is very soon!  As we approach the end of 2011, here are some things you can do to make your year end processing go smoothly.

Every business has two types of business years: calendar and fiscal.  Your ProfitMaker software has two distinct closings:

• Calendar year does not affect the General Ledger, and should ALWAYS be done at the end of December.
• Fiscal year is for your General Ledger, and may or may not be the end of December.

On or about December 31, you must close out the month of December, as well as close out the year for 2011.

As a general guide, the following steps should be taken on or before December 31 to close BOTH your month and year before you start any 2012 work:

1. Run daily system checks and balances, taking the necessary steps to put the system back in balance if needed.  Remember, the time to balance the month and year for 2011 is in December (or sooner) before you start your close, not after you close.  If you wait until January 2012 to verify balances, it is too late, and you can't correct the detail because it will be cleared as part of the close.
   
   
2. Be sure that all work for December is finished.  You must keep the system date at 12/31/11 until you have finished closing both month and year for 2011.  DO NOT let the system date go into the next month (01/01/12) until you are finished, because this controls which month's G/L is updated.
   
   
3. Complete preclosing backup.  NEVER start your closing without backing up first.  If a balancing problem occurs after you close, you may have to restore and close again.  We recommend you store this backup permanently.
   
   
4. You need to follow, in order, the steps in both the end of month and end of year checklists. You can find the End Of Month checklist here and the End Of Year checklist here.
   
   

As we get closer to the end of 2011, now is the time to start preparing to do your year end processing.