Year-end & Month-end procedures.

Month-end procedures.

In SI+, there is no specific task that must be completed at a certain time because you can always select a date. For example, you can specify the date of the customer statement, or if you need a customer age analysis for a certain date, you can specify that date.

However, it is good practice to continuously check your bank reconciliation, creditor reconciliation, and your customers’ balances. This is usually done on an ongoing basis, not just at the end of the month.

Year-end procedures.

In most accounting programs (not in SI+), you need to perform a year-end process that zeros out all your income and expense accounts and posts the totals to the Retained Earnings Account. This process result in losing some of your historical data.

In SI+, there is no need for a year-end process, and all your history will always be available for lookup. With our document imaging system, you can link a source document to a journal entry, and all these documents will always be accessible. Any annual report can be generated by simply 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 significant advancement over other accounting programs where you might lose your data

The only action you must take at year-end is to print out a stock take with valuations to determine your stock value on that specific date. Additionally, you can lock the period to prevent anyone from posting entries in a previous year. You can unlock a period if needed for 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).