Eve N You Can Save TIME with the AFTER Year End Close Checklist!

    Posted by Eve DuBose on January 8, 2013

    I got a red light camera ticket in the mail for making a rolling RIGHT HAND TURN at a red light… which was $158.00…

    Then a week later I got ANOTHER.

    Totaling out to $316.00 in right hand turns – which, by the way, I totally thought were legal.

    Obviously they are not.

    You must make a COMPLETE stop before turning right at a red light as long as the light permits a right turn on red.

    Anyway… both tickets from 2 different Florida counties said, in 60 days you will receive a violation from the county… so I waited.

    I should have read the instructions better because I would have realized that in only 30 days… I was late and the fine almost DOUBLED as a late fee.

    OMG now $264.00 EACH !!!! yes… for shame… now my total is $528.00 PLUS processing fees added to THAT !!!

    ALL of this could have been prevented if I had JUST TAKEN THE TIME TO MAKE SURE IT WAS RIGHT AND I UNDERSTOOD !!!

    Woe is me.

    Now under a payment plan it will take me 3 months to fix this mess. :(

    It’s the SAME CONCEPT when closing your fiscal year.

    Oh yes!!! I’m saying it.

    You know how after you feel like you've withstood enough teasing you now have the right to speak your mind??? (Like, my name is Eve… so I feel like after ALL of elementary, middle and, high school teasing I feel I have the right to make fun of catchy names.)

    Back to the subject!!!

    When closing the year, TOPS Software automatically creates a file called a GLBACK.

    • The GLBACK contains a copy of the General Ledger History file in the MOMENT prior to the closing.
    • This GLBACK file is useful if for some reason ANYTHING goes wrong during your fiscal year end close.

    If, after the close, you run a balance sheet or income statement or BOTH and one or all don't balance… CALL TOPS SUPPORT !!! We can help you fix this !!!

    BUT… if you WAIT… a few hours… a day… a week… for any reason… you may be looking at tons of journal entries to fix this and possible lost history in the case you PURGED but didn't mean to.

    All that can be avoided if you just take the time to go over a short checklist of things to check IMMEDIATELY after closing your fiscal year.

    • Run a balance sheet for the new fiscal year as well as the closing month.
    • Run an income statement for the new fiscal year as well as the closing month.
    • Check to make sure you can still see ALL your entries for your prior year on the GL by running a General Ledger for the prior year and looking for single BBF entries which indicate a PURGING that you may have not meant to do. As in all history is gone except for those single BBF entries.
    • And a general once over your TOPS Software is always a good idea ;-)

    Happy New 2013 Year... and as always… xoxo Eve

    Image Credit: Adam Carter via flickr