How do you close the year for calendar or fiscal year-end companies in EasyACCT?
Understanding current- and prior-year closing procedures
EasyACCT maintains the current and prior year's transactions.
During the closing procedure, the prior year is deleted and the current year takes its place, opening up a new year for processing.
After closing, the prior year's transactions are fully accessible.
Complete the following activities before closing the year:
- Run all year-end reports, financial statements, and forms, including the cumulative general ledger, Form W-2, and Form 940.
- Close all temporary balance sheet accounts such as Sold Assets, Accumulated Depreciation on Sold Assets, and Adjustments to Retained Earnings.
- Transfer data to other software programs, including the Information Return System, ProSeries, or Lacerte.
- Make a backup of the company.
For fiscal year-end companies:
When closing a fiscal year-end company through Write-Up, answer No to closing payroll and vendor records. Payroll and vendors always follow a calendar year-end date.
Don't manually change any of the year-end dates in the Company Information screen. It's not the correct method for closing the year and will cause issues that are difficult to fix, like prior-year transactions in the current year or data loss.