Timing is key, and today’s tip focuses on those time/order sensitive year-end processing tasks. Some key steps to consider regarding timing are as follows:
- Prepare a “Soft” close for all of the 2020 periods from the Fiscal Period Setup. This will be helpful to prevent incorrect postings. Our team recommends that a “test run” or soft close of the GL year-end close be completed in a test company.
- Before you enter in data for 2021, enter in all of your 2020 AP and AR documents and close out the year.
- Post everything you can in ALL modules. Make sure that transactions are posted to the appropriate year.
- Install the year-end update PRIOR to creating your first 2021 payroll run.
- Install the tax table update PRIOR to the first 2021 payroll run and AFTER creating the year-end wage file for 2020.
Also – if you do not use a particular GP module, you do not need to close that module.
If you need any help with your year-end processes, please contact us. Stay tuned for more helpful tips! And if you missed the first two tips, you can catch them here: