Steps to insure a successful year end close:

  1. Perform a system wide back up of data prior to closing modules.  Make sure you can do a test restore to a different location.
  2. Check module set up option screens and verify your history retention flags are set correctly prior to processing period and/or year end.
  3. If you are using the Accounts Payable module, you may only retain one current year and one future year of 1099 information.  Check the setting for current 1099 year in AP Set Up Options.  If it is not equal to 2003, you must run and CLEAR out the prior year’s 1099’s.  The current 1099 Calendar Year field is automatically incremented when Form 1099 printing takes place and you have answered “Yes” at the “Do you want to Clear 1099 payments.”  (If you did not do this, and your 1099’s are a disaster, we do have an enhancement available that can recalculate your 2003 1099 vendor payments.)
  4. If you are using the Payroll Module, you must print the W-2’s prior to closing the year.  If you must close the year prior to printing the W-2’s in order to accommodate your payroll schedule, you will need to make a copy of the company with SVDATA and you will print the W-2’s out of the copied company.
  5. Order of closing – when you close your modules, modules that write to other modules should be closed first.  For example, Sales Order can post to I/M, A/R and G/L.  So Sales Order should period end should be processed before I/M, A/R or G/L.  General Ledger is ALWAYS closed last.
  6. After all modules have been closed, run another system wide back up.  Do not overwrite the data that was backed up in step one – use another tape.
  7. Visit this entry for a detailed video presentation by Wayne Shulz on closing: Year End Closing Webinar.

Via Clients First & DSD