Year-End Closing
Timeline: Late January
5. Print other financial reports: Print
any financial reports like the YTD trial balance, trial balance,
balance sheet, and income statement. You should check with your
accountant to see if there are any other required reports. After
closing, prior year financials and GL reports will only be accessible
from the back up copy of your database.
 Print
the Income Statement
Print
the Balance
Sheet
Print
the Trial
Balance
Print
the YTD General
Ledger
Print
the Client
Invoice Aging
Print
the Vendor
Invoice Aging
Compile all of these printed reports together
into a 3-ring binder labeled with the closing year, then keep this
binder handy. (Later, you'll replace these preliminary reports
with your final closing financial statements.)
You should also print any G/L-based report
(such as detailed G/L, journals, job and client income statements)
FIRST before closing the year. A/P, A/R, checkbook, client payment,
time, PO, and job reports aren't deleted by closing since they
aren't based on the General Ledger.
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