Year-End Checklist for the Fiscal Year

The following is a list items you should complete to close your fiscal year.

_____ Complete all transactions. For each application you use (Accounts Payable, Accounts Receivable, Inventory, Payroll, Fixed Assets, Jobs, etc.), make sure you have entered all the items for the year you are closing.

_____ Fixed Assets. Install the latest Peachtree Fixed Assets Tax Service Update. Calculate and post Fixed Assets depreciation for each accounting period

_____ Reconcile General Ledger Accounts. Make sure the A/R Aging Report total matches the balance in your General Ledger A/R account. Make sure the A/P Aging Report total matches the balance in your General Ledger A/P account. Reconcile any other accounts for the applications you use

_____ Print Year End Reports. See the Year End Reports Checklist

_____ Audit reports and make adjustments

_____ Make a backup

_____ Close the fiscal year

-- by Gayle Raines, Director of Training at Baytek, an Authorized Peachtree Resource Center.