- IBM i / AS400
Having heart palpitations thinking about closing out the year? Here's a few thoughts to make the JD Edwards year end processes less anxiety inducing.
Depending on how the general ledger date is configured in the sales update processing options, manage the general ledger date for the revenue and cost of goods cutoff with specific year-end versions, if necessary.
Next, close the period and move the beginning fiscal year date in company constants as soon as the normal month-end close process is complete. This will control revenue and expense recognition cutoffs and keep things tidy.
Run the year end general ledger close program shortly after the month-end close is complete to roll the beginning balances for assets, liabilities, and equity accounts. The year end close can be run whenever necessary, so be sure to do it early and often to keep your account balances up to date.
Once the year end period is closed and the fiscal year has been rolled, use the ## or && special journal entry document types to record prior year adjusting entries so you don’t have to reopen the fiscal year and period. Make sure to run the year end close program after booking prior year adjustments.
Review the vendor master file data to ensure the year end 1099 processes will capture all appropriate vendors and verify that tax information is complete and accurate.
If you are on support and have access to the year end 1099 update, download it and install it in a test environment as soon as possible. Run the year end processes in the test environment to ensure there are no issues with the process.
If you are not on support, third-party forms packages are available to print 1099s from a csv, Excel, or xml file. Queries can be written against the accounts payable files to extract the payment data.
Run the year end accounts receivable and accounts payable jobs to calculate prior year invoice and voucher amounts.
If you are on support and are running payroll in-house, download the year-end payroll update as soon as possible and install it in a test environment. Run the year end processes in the test environment to ensure that there are no issues with the process.
Once you have completed the various end of year processes, be sure to run the Annual Close program one last time. This will ensure that the beginning balances for the following fiscal year include all the final adjustments.
Finally so as not to take up unnecessary space, it may be a good idea to archive or summarize and purge previous fiscal year information that is older than your corporate retention policy guidelines. JDE has tools available for this procedure or third-party tools can be used to archive older data.
Interested in more year end tips or need help? Reach out and speak to one of our JD Edwards experts.