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It’s hard to believe, but 2022 is almost over with 2023 quickly following on its heels. So, if you work in accounting, one of the biggest projects waiting on your to do list is closing out your books for the year. Because you and your finance team only do it once every 365 days, whether you’re a new or long time Acumatica user, the exact details of how the Acumatica year-end close process works might be a little fuzzy.
That’s why each year, we publish an Acumatica year-end close guide to help our clients and blog readers move through this process more easily and with less stress.
Acumatica Cloud ERP Year-End Close Procedure Overview
As an Acumatica user, one of the most important things to remember about your ERP solution’s year-end closing process is this: A financial year closes automatically when you complete the month end close process for the last period of the year. Therefore, the last period of your fiscal year should be closed only when your company is ready to close the entire year which that period belongs to.
Following is a high-level overview of the steps you will take when going through the Acumatica year-end close process:
- Generate the periods for the new year and activate at least one of them. If you’re not sure how to do this, follow the steps in this help article.
- Complete the tasks on your company’s year-end checklist. Every company handles year-end accounting tasks a little differently. So, smart accounting teams establish their own year-end closing process. Don’t forget to document this process, so as employees come and go, your procedures remain consistent.
- Close the period in each of your subledgers.
- Close the last period of the year in the Acumatica General Ledger module.
For more details on any of the steps, download our 2022 Acumatica year-end close guide. And if you would like a handy way to mark off each step of the financial close as you complete it, don’t forget a copy of this checklist.
Not sure whether our Acumatica year-end close guide has the instructions you need? Here’s a quick breakdown of what it includes.
What’s covered in the guide
- Closing a period: General reminders.
- Period closing step-by-step.
- Where to go to close periods in Acumatica subledgers.
- Checklists for closing each of the following subledgers.
- Accounts Receivable
- Accounts Payable
- Cash Management
- Fixed Assets
- How to close a period In the Acumatica general ledger.
Our Acumatica year-end close guide is concise, with general instructions and links to Acumatica help files.
However, if this is your first time closing out a financial year in Acumatica ERP, or you feel you need more detailed instructions to help you successfully carry out this important procedure, we also have a step-by-step year-end closing manual for Acumatica.
So, no matter how much (or how little) help you need with your Acumatica year-end close, we hope our guide or more detailed manual will be exactly what you’re looking for. We wish all Acumatica users a wonderful holiday season and a smooth year-end close.
Should you need hands-on help with your 2022 year-end close, we recommend reaching out to your Acumatica partner. If you currently do not have an Acumatica partner or are looking for a better fit, call (336) 315-3935. Want to learn more about why hundreds of small and medium-size businesses choose us for their ERP support needs? Visit this webpage.
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