Year-end & Month-end procedures.

Month-end procedures.

In SI+ there is nothing specific that you must do at a certain time because you can always select a date, for example you can always specify the date of the customer statement or if you need a customer age analysis at a certain date then you can specify the date.

However it is good practice to check your bank reconciliation, creditor reconciliation, and your customers’ balances. This is usually done on a continuous bases and not just at the end of the month. Typical end-of-month procedures include reviewing your trial balance.

Year-end procedures.

In most accounting programs (not in SI+) you need to do a year-end this will zero out all your income and expense accounts and posts the totals to the Retained Earnings Account. The effect is that you will loose some of your history.

In SI+ there is no need to do a year-end and all your history will always be available to lookup. With our document imaging system you can link a source document to a journal entry and all these documents will always be available. Any annual report will always be available by just specifying the date range for the report you need. The retained earnings will always be calculated and displayed on the balance sheet. SI+ is thus a big step ahead of other accounting programs where you loose your data.

The only action that you must do at year end is to print out a stock take with valuations to see what your stock value was on that specific date.

You can also lock the period to prevent anyone posting in a previous year. You can unlock a period for the auditors to make final entries.

Note

Please remember to print your Unreconciled Report on the bank reconciliation form after you have done all of your bank entries for the year, and before you continue reconciling the next year. See also bank reconciliation and How to reconcile your bank per hand (for in case you forgot to print the Unreconciled Report).