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Closing the year in EasyACCT

by Intuit• Updated 1 year ago

How do you close the year for calendar or fiscal year-end companies in EasyACCT?

Understanding current- and prior-year closing procedures

  • EasyACCT maintains the current and prior year's transactions.
  • During the closing procedure, the prior year is deleted and the current year takes its place, opening up a new year for processing.
  • After closing, the prior year's transactions are fully accessible.

Complete the following activities before closing the year:

  • Make a backup of the company.
  • Run all year-end reports, financial statements, and forms, including the cumulative general ledger, Form W-2, and Form 940. 
  • Close all temporary balance sheet accounts such as Sold Assets, Accumulated Depreciation on Sold Assets, and Adjustments to Retained Earnings.
  • Transfer data to other software programs, including the Information Return System, ProSeries, or Lacerte.

If you used the Accounts Payable module to process vendor invoices and payments:

  1. Go to Accounts Payable, Data File Utilities and select Year-End A/P Procedure.
  2. Choose a date to permanently delete closed items.
    • If you don't enter a date, no items will be deleted.
  3. Answer Yes to close the Accounts Payable Year.
  4. Answer Yes to close the vendor records.

If  you used the Accounts Receivable module to process customer invoices and payments:

  1. Go to Accounts Receivable, Data File Utilities and select Year-End A/R Procedure.
  2. Choose a date to permanently delete closed items.
    • If you don't enter a date, no items will be deleted.
  3. Answer Yes to close the AR Year.
  1. Go to Asset Depreciation, Data File Utilities and select Year-End Depr. Procedure.
  2. If applicable, select the box labeled Retain to force depreciation amounts from the current year to carry to the new year.
  3. Select Continue.
  1. Go to Write Up, Data File Utilities and select Year-End G/L Procedure.
  2. Answer Yes to Do you want to close payroll at this time?
  3. Answer Yes or No to Delete terminated employees?
  4. If the Accounts Payable module isn't in use, and vendor records are maintained in Write-Up, answer Yes to Do you want to close the vendor records at this time?
  5. Answer Yes to Do you want to close the company's general ledger now?
  6. Select a Retained Earnings account to enter current year profit or loss.  
  7. Select Continue.

There are closing instructions for both calendar and fiscal year-end companies in the Release Notes.  To find the Release Notes:

  1. Go to Help, then Release Notes.
  2. Scroll to Support Notes.

For fiscal year-end companies:

When closing a fiscal year-end company through Write-Up, answer No to closing payroll and vendor records. Payroll and vendors always follow a calendar year-end date. 

Don't manually change any of the year-end dates in the Company Information screen. It's not the correct method for closing the year and will cause issues that are difficult to fix, like prior-year transactions in the current year or data loss.

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